KLP Kapitalforvaltning AS Purchases 2,200 Shares of NBT Bancorp Inc. $NBTB

KLP Kapitalforvaltning AS increased its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 24.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,300 shares of the bank’s stock after acquiring an additional 2,200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in NBT Bancorp were worth $470,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NBTB. Prime Capital Investment Advisors LLC acquired a new position in NBT Bancorp during the 2nd quarter valued at approximately $247,000. State of Alaska Department of Revenue increased its stake in shares of NBT Bancorp by 19.0% in the second quarter. State of Alaska Department of Revenue now owns 31,117 shares of the bank’s stock worth $1,292,000 after acquiring an additional 4,979 shares during the period. GAMMA Investing LLC increased its stake in shares of NBT Bancorp by 38.9% in the second quarter. GAMMA Investing LLC now owns 1,951 shares of the bank’s stock worth $81,000 after acquiring an additional 546 shares during the period. Farther Finance Advisors LLC boosted its holdings in NBT Bancorp by 2,902.1% during the second quarter. Farther Finance Advisors LLC now owns 1,441 shares of the bank’s stock worth $60,000 after buying an additional 1,393 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in NBT Bancorp by 5.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 94,317 shares of the bank’s stock worth $4,138,000 after buying an additional 4,789 shares in the last quarter. Institutional investors own 58.46% of the company’s stock.

NBT Bancorp Price Performance

NBT Bancorp stock opened at $40.15 on Friday. The company’s 50 day simple moving average is $42.64 and its 200-day simple moving average is $42.09. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 14.49 and a beta of 0.54. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.88.

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, beating analysts’ consensus estimates of $0.82 by $0.06. The business 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%. As a group, equities research analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, August 29th. NBT Bancorp’s dividend payout ratio (DPR) is presently 53.43%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Piper Sandler set a $47.00 price target on shares of NBT Bancorp and gave the stock an “overweight” rating in a report on Tuesday. Weiss Ratings reissued a “hold (c+)” rating on shares of NBT Bancorp in a research note on Wednesday, October 8th. DA Davidson raised their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.00.

Insider Buying and Selling at NBT Bancorp

In related news, Director David J. Nasca sold 19,603 shares of NBT Bancorp 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 transaction, the director owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.03% of the company’s stock.

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.