Community Bank N.A. trimmed its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 7.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,261 shares of the bank’s stock after selling 3,869 shares during the quarter. Community Bank N.A. owned approximately 0.11% of NBT Bancorp worth $1,809,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in NBTB. Neuberger Berman Group LLC increased its stake in NBT Bancorp by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,867 shares of the bank’s stock valued at $217,000 after buying an additional 47 shares during the period. Amalgamated Bank increased its stake in NBT Bancorp by 1.1% in the 2nd quarter. Amalgamated Bank now owns 5,814 shares of the bank’s stock valued at $215,000 after buying an additional 66 shares during the period. PNC Financial Services Group Inc. increased its stake in NBT Bancorp by 0.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 39,800 shares of the bank’s stock valued at $1,471,000 after buying an additional 139 shares during the period. Texas Permanent School Fund increased its stake in NBT Bancorp by 1.0% in the 2nd quarter. Texas Permanent School Fund now owns 31,719 shares of the bank’s stock valued at $1,172,000 after buying an additional 301 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in NBT Bancorp by 3.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 10,240 shares of the bank’s stock valued at $378,000 after buying an additional 380 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.
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In other NBT Bancorp news, Director V Daniel Robinson II sold 15,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $38.76, for a total value of $581,400.00. Following the sale, the director now directly owns 10,141 shares in the company, valued at $393,065.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 65,000 shares of company stock worth $2,509,900 over the last quarter. 2.83% of the stock is currently owned by company insiders.
Several brokerages have issued reports on NBTB. Zacks Investment Research raised shares of NBT Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Thursday, October 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $38.00 price objective on shares of NBT Bancorp in a research note on Tuesday, October 3rd. Piper Jaffray Companies reissued a “hold” rating and issued a $35.00 price objective on shares of NBT Bancorp in a research note on Sunday, September 17th. Boenning Scattergood raised shares of NBT Bancorp from an “under perform” rating to a “neutral” rating in a research note on Tuesday, August 15th. Finally, ValuEngine cut shares of NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $37.38.
Shares of NBT Bancorp Inc. (NASDAQ:NBTB) traded down 1.63% during trading on Wednesday, reaching $37.52. 24,046 shares of the company’s stock traded hands. NBT Bancorp Inc. has a 1-year low of $31.28 and a 1-year high of $42.56. The company has a 50 day moving average of $36.75 and a 200-day moving average of $36.28. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 20.17 and a beta of 0.91.
NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Tuesday, October 24th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $0.46 earnings per share. Equities analysts predict that NBT Bancorp Inc. will post $1.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Thursday, November 30th. NBT Bancorp’s payout ratio is 47.92%.
NBT Bancorp declared that its Board of Directors has approved a share repurchase plan on Monday, October 23rd that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
About NBT Bancorp
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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