Empowered Funds LLC Invests $3.81 Million in NBT Bancorp Inc. $NBTB

Empowered Funds LLC acquired a new position in NBT Bancorp Inc. (NASDAQ:NBTB) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 77,153 shares of the bank’s stock, valued at approximately $3,809,000. Empowered Funds LLC owned 0.15% of NBT Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Louisiana State Employees Retirement System acquired a new stake in shares of NBT Bancorp in the 1st quarter worth approximately $988,000. Bank of America Corp DE increased its stake in shares of NBT Bancorp by 32.5% during the first quarter. Bank of America Corp DE now owns 161,740 shares of the bank’s stock valued at $6,887,000 after acquiring an additional 39,665 shares during the period. Edgestream Partners L.P. bought a new stake in NBT Bancorp during the first quarter worth approximately $3,590,000. BlackRock Inc. bought a new stake in NBT Bancorp during the second quarter worth approximately $369,183,000. Finally, Hsbc Holdings PLC acquired a new stake in NBT Bancorp in the first quarter worth approximately $1,013,000. Institutional investors own 58.46% of the company’s stock.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the transaction, the executive vice president owned 16,428 shares of the company’s stock, valued at $765,544.80. The trade was a 23.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sarah A. Halliday sold 9,000 shares of the company’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 owned 22,054 shares in the company, valued at $1,191,798.16. This represents a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 20,600 shares of company stock valued at $1,064,573. Company insiders own 2.99% of the company’s stock.

NBT Bancorp Stock Down 2.2%

NBTB stock opened at $50.31 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $2.61 billion, a P/E ratio of 12.30 and a beta of 0.48. NBT Bancorp Inc. has a 52-week low of $39.19 and a 52-week high of $54.50. The company’s 50 day simple moving average is $51.65 and its 200-day simple moving average is $47.02.

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 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. As a group, equities research analysts anticipate that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. NBT Bancorp’s dividend payout ratio is presently 39.12%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Piper Sandler boosted their price objective on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. DA Davidson raised their target price on NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Wall Street Zen cut shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, NBT Bancorp currently has an average rating of “Hold” and an average price target 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.