Picton Mahoney Asset Management Invests $278,000 in NBT Bancorp Inc. (NASDAQ:NBTB)

Picton Mahoney Asset Management purchased a new position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 6,483 shares of the bank’s stock, valued at approximately $278,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. KLP Kapitalforvaltning AS bought a new position in shares of NBT Bancorp in the 4th quarter valued at approximately $435,000. JPMorgan Chase & Co. raised its stake in shares of NBT Bancorp by 307.0% in the 4th quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank’s stock valued at $17,998,000 after acquiring an additional 284,267 shares in the last quarter. Norges Bank bought a new position in shares of NBT Bancorp in the 4th quarter valued at approximately $6,736,000. Schroder Investment Management Group raised its stake in shares of NBT Bancorp by 11.8% in the 4th quarter. Schroder Investment Management Group now owns 175,942 shares of the bank’s stock valued at $8,433,000 after acquiring an additional 18,626 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of NBT Bancorp by 16.6% in the 4th quarter. Franklin Resources Inc. now owns 86,855 shares of the bank’s stock valued at $4,148,000 after acquiring an additional 12,387 shares in the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NBTB has been the topic of a number of recent analyst reports. DA Davidson cut their price objective on NBT Bancorp from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Wall Street Zen downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Piper Sandler raised NBT Bancorp to a “neutral” rating and set a $47.00 price target on the stock in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, NBT Bancorp has an average rating of “Hold” and an average target price of $51.60.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB opened at $42.18 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The business’s 50 day moving average is $42.08 and its two-hundred day moving average is $43.56. The company has a market cap of $1.99 billion, a P/E ratio of 15.23 and a beta of 0.57. NBT Bancorp Inc. has a 12 month low of $37.31 and a 12 month high of $52.44.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $171.15 million for the quarter, compared to analysts’ expectations of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. On average, equities analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given a dividend of $0.37 per share. The ex-dividend date is Friday, August 29th. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.34. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.51%. NBT Bancorp’s payout ratio is currently 45.03%.

Insider Buying and Selling

In other news, Director Heidi M. Hoeller acquired 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 owned 11,578 shares in the company, valued at approximately $496,464.64. This trade represents a 28.79% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of the business’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 value of $330,655.38. Following the sale, the director owned 116,027 shares in the company, valued at approximately $4,875,454.54. This represents a 6.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.03% of the company’s stock.

About NBT Bancorp

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.