Bank of New York Mellon Corp Has $23.10 Million Stock Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

Bank of New York Mellon Corp lowered its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 21.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 538,455 shares of the bank’s stock after selling 144,798 shares during the period. Bank of New York Mellon Corp owned approximately 1.14% of NBT Bancorp worth $23,100,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of NBT Bancorp by 2.7% in the first quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank’s stock valued at $10,075,000 after purchasing an additional 6,150 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of NBT Bancorp in the first quarter valued at $323,000. KBC Group NV grew its position in NBT Bancorp by 28.4% during the first quarter. KBC Group NV now owns 2,763 shares of the bank’s stock worth $119,000 after buying an additional 611 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in NBT Bancorp by 8.8% during the first quarter. Illinois Municipal Retirement Fund now owns 26,528 shares of the bank’s stock worth $1,138,000 after buying an additional 2,147 shares in the last quarter. Finally, NBT Bank N A NY lifted its stake in NBT Bancorp by 1.7% during the first quarter. NBT Bank N A NY now owns 276,053 shares of the bank’s stock worth $11,843,000 after purchasing an additional 4,595 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

Insider Buying and Selling at NBT Bancorp

In other NBT Bancorp news, Director Heidi M. Hoeller purchased 2,588 shares of the stock in a transaction dated Tuesday, May 6th. The shares were acquired 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 directly owned 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 purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John H. Watt, Jr. sold 7,869 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total transaction of $330,655.38. Following the transaction, the director directly owned 116,027 shares in the company, valued at $4,875,454.54. The trade was a 6.35% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased a total of 5,491 shares of company stock worth $235,674 over the last quarter. 3.03% of the stock is owned by company insiders.

NBT Bancorp Trading Up 1.5%

NBTB stock opened at $43.77 on Friday. The company’s 50-day simple moving average is $42.37 and its 200-day simple moving average is $43.85. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44. The firm has a market cap of $2.07 billion, a P/E ratio of 14.49 and a beta of 0.57.

NBT Bancorp (NASDAQ:NBTB) last announced 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 business had revenue of $155.31 million during the quarter, compared to the consensus estimate of $151.00 million. NBT Bancorp had a net margin of 17.99% and a return on equity of 9.57%. During the same quarter last year, the firm earned $0.68 EPS. As a group, equities analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $0.34 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.36 annualized dividend and a yield of 3.11%. NBT Bancorp’s dividend payout ratio is currently 45.03%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Piper Sandler raised NBT Bancorp to a “neutral” rating and set a $47.00 target price on the stock in a report on Tuesday, July 8th. Hovde Group assumed coverage on NBT Bancorp in a report on Friday, March 21st. They set a “market perform” rating and a $50.00 price target on the stock. Finally, DA Davidson reduced their target price 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, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.60.

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.