New York State Teachers Retirement System Sells 626 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

New York State Teachers Retirement System trimmed its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 1.5% in the fourth quarter, HoldingsChannel reports. The firm owned 41,076 shares of the bank’s stock after selling 626 shares during the quarter. New York State Teachers Retirement System’s holdings in NBT Bancorp were worth $1,721,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC bought a new stake in NBT Bancorp in the 3rd quarter worth about $27,000. Lazard Asset Management LLC bought a new stake in NBT Bancorp in the 1st quarter worth about $27,000. Blue Trust Inc. boosted its stake in NBT Bancorp by 69.9% in the fourth quarter. Blue Trust Inc. now owns 671 shares of the bank’s stock valued at $28,000 after acquiring an additional 276 shares during the last quarter. Asset Dedication LLC purchased a new position in NBT Bancorp in the third quarter valued at about $37,000. Finally, Captrust Financial Advisors boosted 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 acquiring an additional 1,446 shares during the last quarter. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $33.09 on Wednesday. The stock has a market capitalization of $1.56 billion, a P/E ratio of 12.44 and a beta of 0.51. 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 firm’s 50 day moving average is $34.75 and its 200 day moving average is $36.15. NBT Bancorp Inc. has a 12 month low of $27.52 and a 12 month high of $43.77.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.02). The business had revenue of $137.66 million for the quarter, compared to analysts’ expectations of $138.87 million. NBT Bancorp had a net margin of 17.86% and a return on equity of 11.10%. On average, sell-side analysts anticipate that NBT Bancorp Inc. will post 2.89 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Thursday, February 29th. NBT Bancorp’s payout ratio is currently 48.12%.

Analysts Set New Price Targets

NBTB has been the topic of a number of research analyst reports. Janney Montgomery Scott upgraded shares of NBT Bancorp from a “neutral” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Thursday, March 21st. Raymond James boosted their target price on shares of NBT Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. Piper Sandler dropped their target price on shares of NBT Bancorp from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. Stephens upgraded shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $42.00 target price on the stock in a research note on Wednesday, February 14th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of NBT Bancorp from $45.00 to $41.00 and set a “market perform” rating on the stock in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.60.

Insider Activity at NBT Bancorp

In related news, Director Lowell A. Seifter sold 3,230 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $36.96, for a total transaction of $119,380.80. Following the sale, the director now owns 49,132 shares of the company’s stock, valued at approximately $1,815,918.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Lowell A. Seifter sold 4,770 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $37.50, for a total transaction of $178,875.00. Following the sale, the director now owns 44,362 shares of the company’s stock, valued at approximately $1,663,575. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lowell A. Seifter sold 3,230 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $36.96, for a total transaction of $119,380.80. Following the sale, the director now directly owns 49,132 shares in the company, valued at approximately $1,815,918.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,641 shares of company stock worth $319,806. 3.32% of the stock is owned by corporate insiders.

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 indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.