265,692 Shares of NBT Bancorp Inc. $NBTB Acquired by NBT Bank N.A.

NBT Bank N.A. acquired a new position in NBT Bancorp Inc. (NASDAQ:NBTB) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 265,692 shares of the bank’s stock, valued at approximately $13,327,000. NBT Bancorp accounts for 0.9% of NBT Bank N.A.’s investment portfolio, making the stock its 26th biggest holding. NBT Bank N.A. owned 0.51% of NBT Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new stake in NBT Bancorp during the 2nd quarter worth approximately $32,000. Bessemer Group Inc. raised its holdings in NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after buying an additional 324 shares during the period. Western Wealth Management LLC purchased a new position in NBT Bancorp in the first quarter valued at approximately $37,000. Nykredit A S purchased a new position in NBT Bancorp in the second quarter valued at approximately $45,000. Finally, Global Retirement Partners LLC acquired a new position in NBT Bancorp during the second quarter valued at approximately $49,000. 58.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 4,500 shares of the business’s 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. The trade was a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sarah A. Halliday sold 9,000 shares of the 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 of the company’s stock, valued at $1,191,798.16. This represents a 28.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NBTB shares. Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a research note on Monday. DA Davidson increased their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Piper Sandler raised their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $54.10.

NBT Bancorp Price Performance

NBTB opened at $52.79 on Friday. The company has a fifty day simple moving average of $51.34 and a 200 day simple moving average of $49.17. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 12.61 and a beta of 0.49. NBT Bancorp Inc. has a twelve month low of $39.44 and a twelve month high of $54.50. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. The firm had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $188.81 million. Equities research analysts expect that NBT Bancorp Inc. will post 4.17 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were 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 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 1st. NBT Bancorp’s payout ratio is 39.12%.

NBT Bancorp Profile

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.