Envestnet Portfolio Solutions Inc. Makes New $294,000 Investment in NBT Bancorp Inc. $NBTB

Envestnet Portfolio Solutions Inc. bought a new position in NBT Bancorp Inc. (NASDAQ:NBTB) in the 2nd quarter, Holdings Channel reports. The firm bought 7,076 shares of the bank’s stock, valued at approximately $294,000.

Several other hedge funds have also made changes to their positions in the company. Yousif Capital Management LLC lifted its holdings in shares of NBT Bancorp by 10.8% in the 2nd quarter. Yousif Capital Management LLC now owns 19,352 shares of the bank’s stock worth $804,000 after buying an additional 1,890 shares during the period. Inspire Investing LLC lifted its holdings in shares of NBT Bancorp by 16.8% in the 2nd quarter. Inspire Investing LLC now owns 9,368 shares of the bank’s stock worth $389,000 after buying an additional 1,345 shares during the period. Maryland State Retirement & Pension System lifted its holdings in shares of NBT Bancorp by 11.7% in the 2nd quarter. Maryland State Retirement & Pension System now owns 15,377 shares of the bank’s stock worth $639,000 after buying an additional 1,616 shares during the period. KLP Kapitalforvaltning AS lifted its holdings in shares of NBT Bancorp by 24.2% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 11,300 shares of the bank’s stock worth $470,000 after buying an additional 2,200 shares during the period. Finally, Prime Capital Investment Advisors LLC purchased a new stake in shares of NBT Bancorp in the 2nd quarter worth $247,000. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Price Performance

NASDAQ NBTB opened at $40.33 on Friday. The firm’s fifty day simple moving average is $42.48 and its two-hundred day simple moving average is $42.11. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp Inc. has a 12-month low of $37.31 and a 12-month high of $52.44. The firm has a market capitalization of $2.11 billion, a P/E ratio of 14.56 and a beta of 0.54.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%.The company had revenue of $171.15 million during the quarter, compared to analysts’ expectations of $171.04 million. Analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.7%. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, August 29th. NBT Bancorp’s dividend payout ratio (DPR) is 53.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NBTB shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of NBT Bancorp in a report on Wednesday, October 8th. Piper Sandler set a $47.00 price objective on NBT Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. DA Davidson cut NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Wall Street Zen upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $52.00.

Insider Buying and Selling

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the stock in a transaction dated 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 directly owned 82,910 shares in the company, valued at approximately $3,599,952.20. This trade represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.03% of the company’s stock.

NBT Bancorp Company Profile

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.