Cetera Investment Advisers Purchases Shares of 24,504 NBT Bancorp Inc. (NASDAQ:NBTB)

Cetera Investment Advisers purchased a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,504 shares of the bank’s stock, valued at approximately $1,051,000. Cetera Investment Advisers owned 0.05% of NBT Bancorp as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its position in NBT Bancorp by 4.7% during the first quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank’s stock valued at $29,939,000 after buying an additional 31,317 shares during the period. MQS Management LLC purchased a new stake in NBT Bancorp during the first quarter valued at about $324,000. Cerity Partners LLC purchased a new stake in NBT Bancorp during the first quarter valued at about $619,000. TD Private Client Wealth LLC boosted its position in NBT Bancorp by 51.3% during the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank’s stock valued at $37,000 after buying an additional 294 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in NBT Bancorp by 30.8% during the first quarter. Envestnet Asset Management Inc. now owns 17,275 shares of the bank’s stock valued at $741,000 after buying an additional 4,071 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NBT Bancorp

In other NBT Bancorp news, Director John H. Watt, Jr. sold 7,869 shares of the firm’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 completion of the transaction, the director owned 116,027 shares of the company’s stock, valued at approximately $4,875,454.54. This trade 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 accessible through this link. Corporate insiders own 3.03% of the company’s stock.

Wall Street Analyst Weigh In

NBTB has been the subject of several analyst reports. Piper Sandler upgraded 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 target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $52.00.

NBT Bancorp Stock Performance

NBT Bancorp stock opened at $40.94 on Tuesday. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44. The firm has a market cap of $1.93 billion, a P/E ratio of 14.78 and a beta of 0.59. The firm has a 50-day moving average of $41.93 and a 200-day moving average of $43.13. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17.

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

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be paid a dividend of $0.37 per share. This is a positive change 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 3.6%. The ex-dividend date of this dividend is Friday, August 29th. NBT Bancorp’s payout ratio is 49.10%.

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.