Credit Suisse AG raised its stake in NBT Bancorp Inc. (NASDAQ:NBTB – Free Report) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,672 shares of the bank’s stock after buying an additional 1,281 shares during the quarter. Credit Suisse AG owned 0.19% of NBT Bancorp worth $2,719,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in NBT Bancorp in the first quarter valued at about $27,000. Picton Mahoney Asset Management acquired a new position in NBT Bancorp in the fourth quarter valued at about $66,000. Stone House Investment Management LLC acquired a new position in NBT Bancorp in the first quarter valued at about $69,000. Belpointe Asset Management LLC acquired a new position in NBT Bancorp in the fourth quarter valued at about $91,000. Finally, Captrust Financial Advisors lifted its stake in NBT Bancorp by 198.9% in the first quarter. Captrust Financial Advisors now owns 2,173 shares of the bank’s stock valued at $79,000 after buying an additional 1,446 shares during the period. Institutional investors and hedge funds own 58.38% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. Piper Sandler boosted their price objective on NBT Bancorp from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. Stephens restated an “equal weight” rating and set a $35.00 price objective on shares of NBT Bancorp in a report on Tuesday, August 1st. StockNews.com started coverage on shares of NBT Bancorp in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Finally, Raymond James boosted their price target on NBT Bancorp from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $38.63.
NBT Bancorp Stock Up 1.0 %
NASDAQ:NBTB opened at $34.78 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50-day simple moving average of $34.84 and a 200 day simple moving average of $34.95. The company has a market cap of $1.49 billion, a PE ratio of 10.80 and a beta of 0.52. NBT Bancorp Inc. has a 52-week low of $27.52 and a 52-week high of $48.68.
NBT Bancorp (NASDAQ:NBTB – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The bank reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $121.13 million during the quarter, compared to the consensus estimate of $126.11 million. NBT Bancorp had a return on equity of 12.53% and a net margin of 24.02%. On average, sell-side analysts expect that NBT Bancorp Inc. will post 3.09 EPS for the current fiscal year.
NBT Bancorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.68%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, August 31st. NBT Bancorp’s dividend payout ratio (DPR) is currently 39.75%.
Insider Buying and Selling at NBT Bancorp
In other news, EVP Amy Wiles sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $35.50, for a total value of $71,000.00. Following the completion of the sale, the executive vice president now directly owns 27,959 shares of the company’s stock, valued at $992,544.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.55% of the company’s stock.
NBT Bancorp Company Profile
NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises commercial and industrial, commercial real estate, agricultural, and commercial construction loans; indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; and residential real estate loans.
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