NBT Bank N.A. Makes New Investment in NBT Bancorp Inc. $NBTB

NBT Bank N.A. purchased a new stake in NBT Bancorp Inc. (NASDAQ:NBTB) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 265,692 shares of the bank’s stock, valued at approximately $13,327,000. NBT Bancorp comprises approximately 0.9% of NBT Bank N.A.’s holdings, making the stock its 26th largest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new position in NBT Bancorp during the 2nd quarter worth $32,000. Bessemer Group Inc. increased its position in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after purchasing an additional 324 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of NBT Bancorp in the 1st quarter worth about $37,000. Nykredit A S bought a new stake in shares of NBT Bancorp in the 2nd quarter worth about $45,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of NBT Bancorp in the 2nd quarter valued at about $49,000. 58.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at NBT Bancorp

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

Wall Street Analysts Forecast Growth

NBTB has been the topic of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research note on Monday. DA Davidson lifted their price target on NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Stephens downgraded NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Piper Sandler boosted their price objective on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, NBT Bancorp has an average rating of “Hold” and a consensus target price of $54.10.

NBT Bancorp Stock Up 2.6%

NBTB stock opened at $52.79 on Friday. 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 1-year low of $39.44 and a 1-year high of $54.50. The firm has a fifty day moving average price of $51.34 and a two-hundred day moving average price of $49.17. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, July 27th. The bank reported $1.01 EPS 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 business had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. Research analysts predict that NBT Bancorp Inc. will post 4.17 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a $0.40 dividend. This is an increase 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 was Tuesday, September 1st. NBT Bancorp’s dividend 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.