Alliancebernstein L.P. lowered its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 1.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 69,015 shares of the bank’s stock after selling 1,200 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of NBT Bancorp worth $2,558,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of NBTB. Norges Bank purchased a new stake in NBT Bancorp during the fourth quarter worth $20,182,000. Bank of New York Mellon Corp boosted its stake in NBT Bancorp by 28.9% in the first quarter. Bank of New York Mellon Corp now owns 796,715 shares of the bank’s stock worth $29,534,000 after buying an additional 178,423 shares in the last quarter. State Street Corp boosted its stake in NBT Bancorp by 13.9% in the fourth quarter. State Street Corp now owns 1,092,535 shares of the bank’s stock worth $45,754,000 after buying an additional 133,238 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in NBT Bancorp during the first quarter worth approximately $950,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in NBT Bancorp during the first quarter worth approximately $665,000. Institutional investors own 49.90% of the company’s stock.
Shares of NBT Bancorp Inc. (NASDAQ NBTB) traded down 0.03% during midday trading on Tuesday, reaching $35.34. 46,961 shares of the company’s stock traded hands. NBT Bancorp Inc. has a 52 week low of $30.28 and a 52 week high of $42.56. The company has a market capitalization of $1.54 billion, a PE ratio of 19.00 and a beta of 0.88. The stock’s 50 day moving average is $36.56 and its 200-day moving average is $38.15.
NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, July 24th. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.48 by $0.01. The firm had revenue of $99.93 million during the quarter, compared to analysts’ expectations of $100.91 million. NBT Bancorp had a return on equity of 8.81% and a net margin of 19.68%. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, analysts forecast that NBT Bancorp Inc. will post $1.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.92 annualized dividend and a yield of 2.60%. NBT Bancorp’s dividend payout ratio (DPR) is 49.46%.
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A number of analysts recently commented on the stock. Piper Jaffray Companies upgraded shares of NBT Bancorp from an “underweight” rating to a “neutral” rating and set a $35.50 target price for the company in a research note on Thursday, June 8th. ValuEngine raised shares of NBT Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. BidaskClub raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.50 target price on shares of NBT Bancorp in a report on Tuesday, July 25th. Finally, Zacks Investment Research raised shares of NBT Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $36.75.
In other news, Director John C. Mitchell sold 1,570 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total value of $56,943.90. Following the completion of the transaction, the director now directly owns 34,219 shares of the company’s stock, valued at approximately $1,241,123.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John C. Mitchell sold 1,438 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $35.48, for a total value of $51,020.24. Following the completion of the transaction, the director now directly owns 32,781 shares of the company’s stock, valued at $1,163,069.88. The disclosure for this sale can be found here. Corporate insiders own 2.83% of the company’s stock.
NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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