Martin Randolph Sparks Sells 1,000 Shares of NBT Bancorp Inc. (NASDAQ:NBTB) Stock

NBT Bancorp Inc. (NASDAQ:NBTB) EVP Martin Randolph Sparks sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.37, for a total value of $48,370.00. Following the sale, the executive vice president now directly owns 15,003 shares of the company’s stock, valued at $725,695.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

NBT Bancorp Stock Up 1.8 %

NBTB opened at $44.83 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.86. The business has a 50 day simple moving average of $45.86 and a 200-day simple moving average of $39.46. The stock has a market capitalization of $2.11 billion, a P/E ratio of 17.31 and a beta of 0.50. NBT Bancorp Inc. has a 12 month low of $30.31 and a 12 month high of $50.83.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, July 22nd. The bank reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $194.00 million during the quarter, compared to analyst estimates of $139.02 million. NBT Bancorp had a net margin of 16.15% and a return on equity of 9.64%. During the same period in the prior year, the business earned $0.80 earnings per share. On average, equities analysts anticipate that NBT Bancorp Inc. will post 2.86 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, August 30th. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 3.03%. NBT Bancorp’s payout ratio is currently 52.51%.

Wall Street Analyst Weigh In

NBTB has been the subject of a number of recent research reports. Raymond James cut NBT Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and set a $49.00 price objective on shares of NBT Bancorp in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NBT Bancorp currently has an average rating of “Hold” and a consensus price target of $42.60.

Hedge Funds Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of NBTB. Victory Capital Management Inc. raised its holdings in NBT Bancorp by 540.2% during the second quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock worth $27,147,000 after purchasing an additional 593,436 shares during the last quarter. Norges Bank acquired a new position in NBT Bancorp during the fourth quarter worth $12,547,000. Hsbc Holdings PLC acquired a new position in NBT Bancorp during the fourth quarter worth $11,434,000. Bank of New York Mellon Corp raised its holdings in NBT Bancorp by 36.7% during the second quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock worth $24,307,000 after purchasing an additional 169,180 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in NBT Bancorp by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 5,642,447 shares of the bank’s stock worth $236,475,000 after purchasing an additional 126,572 shares during the last quarter. 58.46% of the stock is owned by institutional investors and hedge funds.

About NBT Bancorp

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.