Jupiter Topco LLC Makes New Investment in NBT Bancorp Inc. $NBTB

Jupiter Topco LLC purchased a new stake in NBT Bancorp Inc. (NASDAQ:NBTB) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 23,310 shares of the bank’s stock, valued at approximately $1,151,000.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after acquiring an additional 609 shares in the last quarter. Larson Financial Group LLC lifted its stake in NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. grew its stake in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after purchasing an additional 324 shares during the period. Western Wealth Management LLC acquired a new position in shares of NBT Bancorp in the 1st quarter worth approximately $37,000. Finally, Global Retirement Partners LLC acquired a new position in shares of NBT Bancorp in the 2nd quarter worth approximately $49,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Stock Up 1.2%

Shares of NASDAQ NBTB opened at $52.27 on Friday. The firm’s 50-day simple moving average is $51.80 and its 200 day simple moving average is $47.14. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 12.78 and a beta of 0.47. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50.

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

NBT Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 1st. NBT Bancorp’s payout ratio is currently 39.12%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. DA Davidson increased their price objective on NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Wall Street Zen cut shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Piper Sandler lifted their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, NBT Bancorp has a consensus rating of “Hold” and an average price target of $54.10.

Insider Buying and Selling at NBT Bancorp

In related news, EVP Sarah A. Halliday sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. The trade was a 28.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ruth H. Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total value of $244,350.00. Following the transaction, the executive vice president owned 11,928 shares in the company, valued at approximately $647,690.40. This represents a 27.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 15,600 shares of company stock worth $831,573. Company insiders own 2.99% of the company’s stock.

NBT Bancorp 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.