Edgestream Partners L.P. acquired a new position in shares of NBT Bancorp Inc. (NASDAQ:NBTB – Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 84,304 shares of the bank’s stock, valued at approximately $3,590,000.
Several other hedge funds have also modified their holdings of the stock. Amundi grew its holdings in NBT Bancorp by 13.0% in the first quarter. Amundi now owns 8,497 shares of the bank’s stock valued at $362,000 after purchasing an additional 980 shares during the period. Empowered Funds LLC purchased a new position in NBT Bancorp during the first quarter worth approximately $1,545,000. The Manufacturers Life Insurance Company raised its stake in NBT Bancorp by 29.7% during the first quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock worth $23,856,000 after purchasing an additional 128,316 shares during the period. Quantinno Capital Management LP boosted its holdings in shares of NBT Bancorp by 45.0% in the 1st quarter. Quantinno Capital Management LP now owns 10,471 shares of the bank’s stock valued at $446,000 after purchasing an additional 3,248 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of NBT Bancorp in the 1st quarter valued at $281,000. 58.46% of the stock is owned by institutional investors and hedge funds.
NBT Bancorp Price Performance
Shares of NASDAQ NBTB opened at $52.65 on Friday. 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 Inc. has a 1-year low of $39.19 and a 1-year high of $54.50. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 12.87 and a beta of 0.48. The business has a 50-day moving average of $49.14 and a 200-day moving average of $45.77.
NBT Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 1st. 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 dividend yield of 3.0%. NBT Bancorp’s dividend payout ratio is presently 36.19%.
Insider Transactions at NBT Bancorp
In other NBT Bancorp news, 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the transaction, the director owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 20,600 shares of company stock valued at $1,064,573. Corporate insiders own 2.99% of the company’s stock.
Trending Headlines about NBT Bancorp
Here are the key news stories impacting NBT Bancorp this week:
- Positive Sentiment: NBT Bancorp raised its quarterly dividend to $0.40 per share from $0.37, equating to an annualized payout of $1.60 and an approximately 3.0% yield. The increase reinforces the stock’s appeal to income-oriented investors. NBT Bancorp Hits New 12-Month High After Dividend Announcement
- Positive Sentiment: Analyst sentiment was mixed but included bullish target increases: DA Davidson raised its price objective to $59 and retained a “buy” rating, while Piper Sandler previously lifted its target to $56 with an “overweight” rating. Analysts Have Conflicting Sentiments on NBT Bancorp
- Neutral Sentiment: Institutional ownership changes were mixed. Bank of New York Mellon reduced its stake by 2.2%, while Fifth Third Bancorp substantially increased its holding from a very small base. Because the filings reflect earlier-quarter activity, they provide limited insight into current trading conviction. Bank of New York Mellon Holdings
- Negative Sentiment: Stephens downgraded NBTB from “overweight” to “equal weight.” Although it increased its target to $55 from $52, the rating change suggests the analyst sees limited additional upside after the stock’s recent advance.
- Negative Sentiment: EVPs Sarah Halliday and Ruth Mahoney sold a combined 13,500 shares for approximately $730,710. The transactions reduced their individual holdings by roughly 29% and 27%, respectively, potentially weighing on sentiment even though the sales may reflect personal financial planning. Sarah Halliday SEC Filing Ruth Mahoney SEC Filing
- Negative Sentiment: The bank’s latest quarterly results narrowly missed expectations, with earnings of $1.01 per share versus $1.02 expected and revenue of $186.69 million versus $188.81 million forecast. The modest miss, combined with a consensus “hold” rating and an average target near the current price, supports the view that NBTB may be fully valued. NBT Bancorp Looks Fully Valued
Analysts Set New Price Targets
NBTB has been the subject of several research reports. DA Davidson boosted their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday. Hovde Group cut their target price on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research report on Monday, April 27th. Piper Sandler lifted their target price on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Stephens downgraded NBT Bancorp from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $52.00 to $55.00 in a research report on Thursday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, NBT Bancorp currently has an average rating of “Hold” and an average target price of $54.12.
View Our Latest Report on NBTB
NBT Bancorp 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.
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