The Manufacturers Life Insurance Company Buys Shares of 559,697 NBT Bancorp Inc. $NBTB

The Manufacturers Life Insurance Company purchased a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 559,697 shares of the bank’s stock, valued at approximately $27,632,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock worth $1,729,000 after acquiring an additional 7,349 shares during the period. AQR Capital Management LLC lifted its holdings in NBT Bancorp by 45.0% in the first quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in NBT Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after purchasing an additional 1,197 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NBT Bancorp by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock worth $7,102,000 after purchasing an additional 22,655 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of NBT Bancorp by 1,188.4% during the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after purchasing an additional 81,432 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Stock Down 0.2%

NBTB opened at $51.43 on Friday. The firm’s fifty day moving average is $51.43 and its 200 day moving average is $46.91. NBT Bancorp Inc. has a fifty-two week low of $39.19 and a fifty-two week high of $54.50. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 12.57 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. The company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. On average, sell-side analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 1st. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. NBT Bancorp’s dividend payout ratio (DPR) is currently 36.19%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NBTB. Stephens cut shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. DA Davidson boosted their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Wall Street Zen downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.10.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director Heidi M. Hoeller sold 2,100 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director owned 11,560 shares of the company’s stock, valued at $555,226.80. This represents a 15.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ruth H. Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total transaction of $244,350.00. Following the sale, the executive vice president directly owned 11,928 shares of the company’s stock, valued at $647,690.40. This represents a 27.39% 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 worth $1,064,573. 2.99% of the stock is currently owned by company insiders.

About NBT Bancorp

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.