NBT Bancorp Inc. (NASDAQ:NBTB) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 27.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 149,594 shares of the bank’s stock after purchasing an additional 32,105 shares during the period. Public Sector Pension Investment Board’s holdings in NBT Bancorp were worth $6,418,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. TD Private Client Wealth LLC increased its holdings in shares of NBT Bancorp by 51.3% during the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank’s stock valued at $37,000 after purchasing an additional 294 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of NBT Bancorp by 6.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank’s stock valued at $230,000 after purchasing an additional 310 shares during the period. Bank of Montreal Can increased its holdings in shares of NBT Bancorp by 6.8% during the fourth quarter. Bank of Montreal Can now owns 7,278 shares of the bank’s stock valued at $348,000 after purchasing an additional 461 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of NBT Bancorp by 1.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,218 shares of the bank’s stock valued at $1,425,000 after purchasing an additional 496 shares during the period. Finally, KBC Group NV increased its position in shares of NBT Bancorp by 28.4% during the 1st quarter. KBC Group NV now owns 2,763 shares of the bank’s stock valued at $119,000 after purchasing an additional 611 shares during the period. 58.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler upgraded NBT Bancorp to a “neutral” rating and set a $47.00 price target on the stock in a research report on Tuesday, July 8th. Wall Street Zen upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, DA Davidson lifted their price target on NBT Bancorp from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $52.00.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB opened at $42.13 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 15.21 and a beta of 0.59. The stock’s fifty day simple moving average is $42.05 and its 200 day simple moving average is $43.06. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $171.15 million for the quarter, compared to analysts’ expectations of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. As a group, sell-side analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, August 29th. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.34. NBT Bancorp’s payout ratio is presently 53.43%.

Insiders Place Their Bets

In other news, Director David J. Nasca sold 19,603 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director owned 82,910 shares of the company’s stock, valued at $3,599,952.20. This trade represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John H. Watt, Jr. sold 7,869 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the sale, the director directly owned 116,027 shares of the company’s stock, valued at approximately $4,875,454.54. This trade represents a 6.35% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.03% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.