Victory Capital Management Inc. Cuts Stake in NBT Bancorp Inc. (NASDAQ:NBTB)

Victory Capital Management Inc. lessened its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 12.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 616,410 shares of the bank’s stock after selling 86,876 shares during the quarter. Victory Capital Management Inc. owned about 1.31% of NBT Bancorp worth $27,264,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of NBT Bancorp by 47.9% during the third quarter. GAMMA Investing LLC now owns 778 shares of the bank’s stock valued at $34,000 after buying an additional 252 shares during the last quarter. US Bancorp DE bought a new stake in NBT Bancorp in the 3rd quarter valued at $57,000. SG Americas Securities LLC purchased a new stake in NBT Bancorp in the 1st quarter worth $178,000. Focused Wealth Management Inc bought a new position in shares of NBT Bancorp during the 3rd quarter valued at about $217,000. Finally, Ascent Wealth Partners LLC purchased a new position in shares of NBT Bancorp during the third quarter valued at about $218,000. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Trading Down 0.7 %

Shares of NBTB stock opened at $49.26 on Monday. The company has a market cap of $2.32 billion, a PE ratio of 17.35 and a beta of 0.49. NBT Bancorp Inc. has a 1 year low of $32.79 and a 1 year high of $51.93. The stock’s 50 day simple moving average is $45.35 and its two-hundred day simple moving average is $42.73. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. The company had revenue of $202.00 million during the quarter, compared to the consensus estimate of $144.70 million. During the same period last year, the company earned $0.84 earnings per share. Research analysts predict that NBT Bancorp Inc. will post 2.91 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.36 annualized dividend and a yield of 2.76%. NBT Bancorp’s payout ratio is 47.89%.

Wall Street Analysts Forecast Growth

NBTB has been the subject of a number of research reports. StockNews.com raised NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Raymond James downgraded NBT Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. Finally, Stephens restated an “equal weight” rating and issued a $49.00 price target on shares of NBT Bancorp in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, NBT Bancorp presently has an average rating of “Hold” and a consensus price target of $42.60.

Insider Buying and Selling

In other news, EVP Amy Wiles sold 556 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the transaction, the executive vice president now directly owns 28,909 shares in the company, valued at approximately $1,300,905. This represents a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director V Daniel Robinson II sold 50,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $44.58, for a total transaction of $2,229,000.00. Following the completion of the transaction, the director now directly owns 417,558 shares in the company, valued at $18,614,735.64. This represents a 10.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,556 shares of company stock valued at $7,545,690 in the last ninety days. 3.32% of the stock is owned by company insiders.

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.