Envestnet Asset Management Inc. Grows Position in NBT Bancorp Inc. (NASDAQ:NBTB)

Envestnet Asset Management Inc. increased its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 30.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,275 shares of the bank’s stock after acquiring an additional 4,071 shares during the quarter. Envestnet Asset Management Inc.’s holdings in NBT Bancorp were worth $741,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NBTB. JPMorgan Chase & Co. lifted its position in shares of NBT Bancorp by 307.0% during the fourth quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank’s stock valued at $17,998,000 after buying an additional 284,267 shares during the last quarter. Norges Bank purchased a new stake in shares of NBT Bancorp during the fourth quarter valued at about $6,736,000. Franklin Resources Inc. lifted its position in shares of NBT Bancorp by 16.6% during the fourth quarter. Franklin Resources Inc. now owns 86,855 shares of the bank’s stock valued at $4,148,000 after buying an additional 12,387 shares during the last quarter. ExodusPoint Capital Management LP lifted its position in shares of NBT Bancorp by 165.2% during the fourth quarter. ExodusPoint Capital Management LP now owns 28,956 shares of the bank’s stock valued at $1,383,000 after buying an additional 18,038 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of NBT Bancorp by 3.4% during the fourth quarter. Wells Fargo & Company MN now owns 103,654 shares of the bank’s stock valued at $4,950,000 after buying an additional 3,398 shares during the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Heidi M. Hoeller purchased 2,588 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The shares were bought at an average price of $42.88 per share, for a total transaction of $110,973.44. Following the acquisition, the director owned 11,578 shares in the company, valued at $496,464.64. This represents a 28.79% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of the 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 completion of the transaction, the director owned 116,027 shares in the company, valued at approximately $4,875,454.54. This trade represents a 6.35% decrease in their position. The disclosure for this sale can be found here. 3.03% of the stock is currently owned by corporate insiders.

NBT Bancorp Stock Performance

NBTB opened at $40.56 on Monday. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.92 billion, a P/E ratio of 14.64 and a beta of 0.59. The firm’s 50-day moving average price is $42.05 and its 200-day moving average price is $43.43.

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

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.37 dividend. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, August 29th. This represents a $1.48 annualized dividend and a yield of 3.6%. NBT Bancorp’s dividend payout ratio is currently 49.10%.

Analyst Ratings Changes

Several analysts have commented on the stock. Piper Sandler raised shares of NBT Bancorp to a “neutral” rating and set a $47.00 price target for the company in a research report on Tuesday, July 8th. DA Davidson increased their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, NBT Bancorp has a consensus rating of “Hold” and an average price target of $52.00.

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.