Franklin Resources Inc. Has $3.38 Million Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

Franklin Resources Inc. increased its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 472.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,468 shares of the bank’s stock after buying an additional 61,451 shares during the period. Franklin Resources Inc. owned 0.16% of NBT Bancorp worth $3,379,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in NBTB. Geode Capital Management LLC increased its stake in NBT Bancorp by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock worth $49,477,000 after acquiring an additional 10,628 shares during the period. Barclays PLC increased its position in shares of NBT Bancorp by 41.8% in the third quarter. Barclays PLC now owns 91,880 shares of the bank’s stock worth $4,064,000 after purchasing an additional 27,085 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in NBT Bancorp in the third quarter valued at about $1,278,000. HighTower Advisors LLC bought a new stake in NBT Bancorp during the third quarter worth about $235,000. Finally, Centiva Capital LP bought a new stake in NBT Bancorp during the third quarter worth about $235,000. 58.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NBTB. Keefe, Bruyette & Woods upped their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. DA Davidson assumed 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. StockNews.com upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Finally, Stephens reissued an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a research note on Tuesday, September 10th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.17.

Insider Transactions at NBT Bancorp

In other news, EVP Amy Wiles sold 1,000 shares of NBT Bancorp stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $50.10, for a total transaction of $50,100.00. Following the completion of the sale, the executive vice president now owns 27,909 shares in the company, valued at approximately $1,398,240.90. This trade represents a 3.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jack H. Webb sold 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $50.06, for a total value of $500,600.00. Following the completion of the transaction, the director now owns 45,018 shares of the company’s stock, valued at $2,253,601.08. The trade was a 18.18 % 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 in the last quarter. Insiders own 3.32% of the company’s stock.

NBT Bancorp Price Performance

Shares of NASDAQ NBTB opened at $49.19 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50-day simple moving average is $48.35 and its 200 day simple moving average is $45.14. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 17.32 and a beta of 0.52. NBT Bancorp Inc. has a fifty-two week low of $32.79 and a fifty-two week high of $52.44.

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

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.76%. The ex-dividend date was Monday, December 2nd. NBT Bancorp’s dividend payout ratio is 47.89%.

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.