State Street Corp Cuts Stock Position in NBT Bancorp Inc. (NASDAQ:NBTB)

State Street Corp lowered its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,053,558 shares of the bank’s stock after selling 28,041 shares during the period. State Street Corp’s holdings in NBT Bancorp were worth $90,829,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its position in NBT Bancorp by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 23,700 shares of the bank’s stock valued at $915,000 after acquiring an additional 400 shares in the last quarter. Ceredex Value Advisors LLC lifted its position in NBT Bancorp by 2.6% in the 2nd quarter. Ceredex Value Advisors LLC now owns 219,500 shares of the bank’s stock valued at $8,473,000 after acquiring an additional 5,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in NBT Bancorp by 36.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock valued at $24,307,000 after acquiring an additional 169,180 shares in the last quarter. IFG Advisory LLC bought a new position in NBT Bancorp in the 2nd quarter valued at approximately $502,000. Finally, Union Savings Bank lifted its position in NBT Bancorp by 45.1% in the 2nd quarter. Union Savings Bank now owns 7,026 shares of the bank’s stock valued at $271,000 after acquiring an additional 2,183 shares in the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Insiders Place Their Bets

In other NBT Bancorp news, EVP Amy Wiles sold 500 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $51.31, for a total value of $25,655.00. Following the completion of the transaction, the executive vice president now directly owns 27,409 shares in the company, valued at $1,406,355.79. This represents a 1.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy E. Delaney sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $51.47, for a total transaction of $2,058,800.00. Following the completion of the transaction, the director now owns 38,853 shares of the company’s stock, valued at approximately $1,999,763.91. The trade was a 50.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 81,694 shares of company stock worth $4,048,185 over the last three months. 3.32% of the stock is currently owned by company insiders.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB opened at $52.33 on Tuesday. The firm has a 50 day moving average of $47.67 and a 200 day moving average of $44.57. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 18.43 and a beta of 0.52. NBT Bancorp Inc. has a 12-month low of $32.79 and a 12-month high of $52.39.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $202.00 million during the quarter, compared to analyst estimates of $144.70 million. NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period in the previous year, the business posted $0.84 earnings per share. On average, research analysts anticipate that NBT Bancorp Inc. will post 2.94 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.34 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%. NBT Bancorp’s payout ratio is currently 47.89%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Stephens reaffirmed an “equal weight” rating and issued a $49.00 price objective on shares of NBT Bancorp in a research report on Tuesday, September 10th. DA Davidson started coverage on NBT Bancorp in a research note on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price target on the stock. Finally, StockNews.com upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, December 10th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.17.

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.