Nuveen LLC Takes $5.16 Million Position in NBT Bancorp Inc. $NBTB

Nuveen LLC acquired a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 120,266 shares of the bank’s stock, valued at approximately $5,159,000. Nuveen LLC owned about 0.25% of NBT Bancorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Entropy Technologies LP acquired a new position in shares of NBT Bancorp during the 1st quarter valued at about $309,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of NBT Bancorp by 1.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,218 shares of the bank’s stock valued at $1,425,000 after acquiring an additional 496 shares during the last quarter. IFG Advisory LLC increased its stake in shares of NBT Bancorp by 29.1% during the 1st quarter. IFG Advisory LLC now owns 17,023 shares of the bank’s stock valued at $730,000 after acquiring an additional 3,839 shares during the last quarter. US Bancorp DE increased its stake in shares of NBT Bancorp by 68.5% during the 1st quarter. US Bancorp DE now owns 3,093 shares of the bank’s stock valued at $133,000 after acquiring an additional 1,257 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in shares of NBT Bancorp during the 1st quarter valued at about $278,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Stock Up 1.1%

Shares of NASDAQ:NBTB opened at $44.89 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44. The company has a 50 day moving average of $42.33 and a two-hundred day moving average of $42.81. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 16.21 and a beta of 0.59.

NBT Bancorp (NASDAQ:NBTB) last issued 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 company had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. As a group, analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.3%. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 29th. NBT Bancorp’s dividend payout ratio is 49.10%.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director owned 82,910 shares of the company’s stock, valued at $3,599,952.20. This trade represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.03% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NBTB has been the subject of a number of research analyst reports. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. 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 research report on Thursday, July 31st. Finally, Piper Sandler raised shares of NBT Bancorp to a “neutral” rating and set a $47.00 target price for the company in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $52.00.

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.