NBT Bancorp Inc. $NBTB Shares Sold by Sei Investments Co.

Sei Investments Co. reduced its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 49.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,310 shares of the bank’s stock after selling 10,997 shares during the quarter. Sei Investments Co.’s holdings in NBT Bancorp were worth $482,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Millennium Management LLC lifted its holdings in shares of NBT Bancorp by 564.1% in the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after buying an additional 210,699 shares during the period. State Street Corp boosted its stake in NBT Bancorp by 7.8% during the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after buying an additional 182,793 shares in the last quarter. Nuveen LLC grew its holdings in NBT Bancorp by 171.0% during the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock worth $11,879,000 after acquiring an additional 180,528 shares during the period. The Manufacturers Life Insurance Company grew its holdings in NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after acquiring an additional 174,639 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in NBT Bancorp in the second quarter worth about $3,611,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other NBT Bancorp news, EVP Sarah A. Halliday sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. This trade represents a 28.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,600 shares of company stock worth $1,064,573 over the last ninety days. 2.99% of the stock is currently owned by company insiders.

NBT Bancorp Stock Down 0.0%

Shares of NBT Bancorp stock opened at $53.56 on Friday. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50. The firm has a market capitalization of $2.78 billion, a PE ratio of 13.10 and a beta of 0.48. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average is $50.55 and its 200-day moving average is $46.44.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. Equities analysts anticipate that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.40 per share. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 1st. NBT Bancorp’s payout ratio is currently 36.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NBTB. DA Davidson upped their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen cut shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday. Stephens downgraded shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $52.00 to $55.00 in a report on Thursday, July 30th. Piper Sandler raised their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Hovde Group reduced their target price on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.10.

NBT Bancorp Company Profile

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.