Rhumbline Advisers Sells 6,348 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

Rhumbline Advisers reduced its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 4.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,524 shares of the bank’s stock after selling 6,348 shares during the quarter. Rhumbline Advisers owned about 0.28% of NBT Bancorp worth $5,642,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Leigh Baldwin & CO. LLC bought a new stake in NBT Bancorp in the fourth quarter valued at approximately $52,606,000. Silvercrest Asset Management Group LLC bought a new stake in NBT Bancorp in the fourth quarter valued at approximately $38,978,000. Northern Trust Corp boosted its holdings in NBT Bancorp by 4.9% in the fourth quarter. Northern Trust Corp now owns 726,413 shares of the bank’s stock valued at $34,693,000 after acquiring an additional 33,855 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in NBT Bancorp by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 683,253 shares of the bank’s stock valued at $32,632,000 after acquiring an additional 75,693 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in NBT Bancorp by 8.1% in the fourth quarter. Victory Capital Management Inc. now owns 666,562 shares of the bank’s stock valued at $31,835,000 after acquiring an additional 50,152 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Price Performance

NBT Bancorp stock opened at $41.98 on Friday. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 14.18 and a beta of 0.58. NBT Bancorp Inc. has a 52-week low of $35.20 and a 52-week high of $52.44. The stock’s 50 day moving average price is $41.81 and its two-hundred day moving average price is $45.18. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $155.31 million for the quarter, compared to analysts’ expectations of $151.00 million. NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. During the same period in the prior year, the business earned $0.68 EPS. On average, equities analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Monday, June 2nd. NBT Bancorp’s payout ratio is 45.03%.

Insider Transactions at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 7,869 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total transaction of $330,655.38. Following the transaction, the director now directly owns 116,027 shares of the company’s stock, valued at $4,875,454.54. This represents a 6.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Heidi M. Hoeller bought 2,588 shares of the stock in a transaction dated Tuesday, May 6th. The shares were purchased at an average cost of $42.88 per share, for a total transaction of $110,973.44. Following the completion of the transaction, the director now directly owns 11,578 shares of the company’s stock, valued at $496,464.64. This trade represents a 28.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 5,491 shares of company stock valued at $235,674 over the last ninety days. 3.03% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on NBTB shares. Wall Street Zen cut NBT Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Hovde Group started coverage on NBT Bancorp in a report on Friday, March 21st. They issued a “market perform” rating and a $50.00 target price on the stock. Finally, DA Davidson cut their price target on NBT Bancorp from $57.00 to $53.00 and set a “buy” rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, NBT Bancorp presently has an average rating of “Hold” and a consensus target price of $52.75.

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.