PL Capital Advisors LLC Has $8.64 Million Position in NBT Bancorp Inc. $NBTB

PL Capital Advisors LLC trimmed its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 28.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 208,030 shares of the bank’s stock after selling 83,000 shares during the quarter. NBT Bancorp comprises about 2.7% of PL Capital Advisors LLC’s investment portfolio, making the stock its 10th largest position. PL Capital Advisors LLC’s holdings in NBT Bancorp were worth $8,637,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in shares of NBT Bancorp by 7.8% during the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after acquiring an additional 182,793 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of NBT Bancorp by 1.1% during the third quarter. Victory Capital Management Inc. now owns 650,125 shares of the bank’s stock valued at $27,149,000 after acquiring an additional 7,253 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after acquiring an additional 174,639 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of NBT Bancorp by 26.7% during the third quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after acquiring an additional 70,594 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of NBT Bancorp by 564.1% during the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after acquiring an additional 210,699 shares during the last quarter. 58.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on NBTB shares. Weiss Ratings raised shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. DA Davidson reissued a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a research note on Monday, April 27th. Brean Capital downgraded shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Piper Sandler assumed coverage on shares of NBT Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $50.00 price target for the company. Finally, Janney Montgomery Scott downgraded shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.50.

NBT Bancorp Price Performance

NBTB stock opened at $46.09 on Thursday. NBT Bancorp Inc. has a 1 year low of $39.19 and a 1 year high of $46.92. The company has a market cap of $2.40 billion, a P/E ratio of 13.13 and a beta of 0.47. The firm has a 50-day moving average of $44.13 and a 200 day moving average of $43.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The company had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. On average, sell-side analysts forecast that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 1st. NBT Bancorp’s dividend payout ratio is 42.17%.

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.