US Bancorp DE Acquires 1,257 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

US Bancorp DE grew its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 68.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,093 shares of the bank’s stock after acquiring an additional 1,257 shares during the period. US Bancorp DE’s holdings in NBT Bancorp were worth $133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN lifted its stake in shares of NBT Bancorp by 3.4% during the 4th 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 in the last quarter. Bank of Montreal Can lifted its stake in shares of NBT Bancorp by 6.8% during the 4th quarter. Bank of Montreal Can now owns 7,278 shares of the bank’s stock valued at $348,000 after buying an additional 461 shares in the last quarter. Invesco Ltd. lifted its stake in shares of NBT Bancorp by 0.5% during the 4th quarter. Invesco Ltd. now owns 150,819 shares of the bank’s stock valued at $7,203,000 after buying an additional 814 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of NBT Bancorp during the 4th quarter valued at $23,651,000. Finally, Sterling Capital Management LLC lifted its stake in shares of NBT Bancorp by 817.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank’s stock valued at $69,000 after buying an additional 1,292 shares in the last quarter. Institutional investors own 58.46% of the company’s stock.

Insider Activity

In other NBT Bancorp news, Director John H. Watt, Jr. sold 7,869 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the transaction, the director directly owned 116,027 shares in the company, valued at $4,875,454.54. This represents a 6.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David J. Nasca sold 19,603 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the transaction, the director owned 82,910 shares in the company, valued at $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NBTB. Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. DA Davidson lifted their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Piper Sandler upgraded shares of NBT Bancorp to a “neutral” rating and set a $47.00 target price on the stock in a research note on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, NBT Bancorp presently has an average rating of “Hold” and a consensus price target of $52.00.

NBT Bancorp Stock Down 2.2%

Shares of NBTB stock opened at $42.13 on Friday. The company’s fifty day simple moving average is $42.05 and its two-hundred day simple moving average is $43.03. 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 stock has a market cap of $2.21 billion, a P/E ratio of 15.21 and a beta of 0.59.

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

NBT Bancorp Increases Dividend

The company 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 dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, August 29th. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.34. NBT Bancorp’s payout ratio is currently 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.