Allspring Global Investments Holdings LLC Cuts Stake in NBT Bancorp Inc. (NASDAQ:NBTB)

Allspring Global Investments Holdings LLC reduced its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 78.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 5,539 shares of the bank’s stock after selling 20,323 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in NBT Bancorp were worth $176,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in NBT Bancorp during the first quarter valued at about $27,000. Captrust Financial Advisors lifted its holdings in shares of NBT Bancorp by 198.9% in the first quarter. Captrust Financial Advisors now owns 2,173 shares of the bank’s stock worth $79,000 after buying an additional 1,446 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of NBT Bancorp in the first quarter worth about $129,000. Belpointe Asset Management LLC lifted its holdings in shares of NBT Bancorp by 102.3% in the first quarter. Belpointe Asset Management LLC now owns 4,240 shares of the bank’s stock worth $143,000 after buying an additional 2,144 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of NBT Bancorp in the first quarter worth about $189,000. 58.38% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Stock Up 0.8 %

NBTB stock opened at $34.55 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $32.79 and its 200 day moving average is $33.80. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 12.08 and a beta of 0.53. NBT Bancorp Inc. has a 1-year low of $27.52 and a 1-year high of $48.08.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.21. NBT Bancorp had a net margin of 20.11% and a return on equity of 11.92%. The company had revenue of $135.13 million for the quarter, compared to analysts’ expectations of $132.14 million. Sell-side analysts predict that NBT Bancorp Inc. will post 3.23 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Thursday, November 30th. NBT Bancorp’s payout ratio is currently 44.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NBTB shares. StockNews.com started coverage on shares of NBT Bancorp in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Piper Sandler increased their price target on shares of NBT Bancorp from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 15th. Raymond James upped their price objective on shares of NBT Bancorp from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Finally, Stephens restated an “equal weight” rating and issued a $35.00 price objective on shares of NBT Bancorp in a research report on Tuesday, August 1st. One equities research 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’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $38.63.

NBT Bancorp 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.