State of Alaska Department of Revenue Grows Stock Holdings in NBT Bancorp Inc. $NBTB

State of Alaska Department of Revenue raised its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 19.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,117 shares of the bank’s stock after acquiring an additional 4,979 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.07% of NBT Bancorp worth $1,292,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. TD Private Client Wealth LLC increased its position in shares of 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. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of NBT Bancorp by 1.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,218 shares of the bank’s stock valued at $1,425,000 after buying an additional 496 shares during the period. GAMMA Investing LLC increased its position in shares of NBT Bancorp by 38.9% during the second quarter. GAMMA Investing LLC now owns 1,951 shares of the bank’s stock valued at $81,000 after buying an additional 546 shares during the period. KBC Group NV increased its position in shares of NBT Bancorp by 28.4% during the first quarter. KBC Group NV now owns 2,763 shares of the bank’s stock valued at $119,000 after buying an additional 611 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of NBT Bancorp by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock valued at $1,175,000 after buying an additional 1,197 shares during the period. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Piper Sandler upgraded shares of NBT Bancorp to a “neutral” rating and set a $47.00 price target on the stock in a research report on Tuesday, July 8th. DA Davidson boosted 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, July 31st. Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of NBT Bancorp in a report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.00.

NBT Bancorp Stock Up 0.6%

NBTB opened at $41.47 on Friday. 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 firm has a 50 day moving average price of $42.75 and a 200-day moving average price of $42.26. NBT Bancorp Inc. has a twelve month low of $37.31 and a twelve month high of $52.44. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 14.97 and a beta of 0.54.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating 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 business had revenue of $171.15 million during the quarter, compared to analysts’ expectations of $171.04 million. Equities research analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were issued a dividend of $0.37 per share. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.34. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Friday, August 29th. NBT Bancorp’s dividend payout ratio is currently 53.43%.

NBT Bancorp 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.