Key Points
- NBT Bancorp EVP Ruth Mahoney sold 4,500 shares at an average price of $54.30, generating $244,350 and reducing her ownership by 27.39%.
- The bank narrowly missed second-quarter expectations, reporting $1.01 in EPS versus $1.02 expected and revenue of $186.69 million versus $188.81 million forecast.
- NBT Bancorp increased its quarterly dividend to $0.40 per share, or $1.60 annually, for a yield of about 3%; analysts remain divided, with a consensus rating of “Hold” and a $54.12 target price.
NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) EVP Ruth Mahoney sold 4,500 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total transaction of $244,350.00. Following the completion of the transaction, the executive vice president owned 11,928 shares in the company, valued at $647,690.40. The trade was a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
NBT Bancorp Stock Down 2.5%
Shares of NASDAQ NBTB opened at $52.93 on Friday. The company has a 50 day simple moving average of $49.00 and a 200-day simple moving average of $45.72. The company has a market capitalization of $2.75 billion, a P/E ratio of 12.94 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp Inc. has a 1 year low of $39.19 and a 1 year high of $54.50.
NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. On average, equities research analysts predict that NBT Bancorp Inc. will post 4.13 earnings per share for the current year.
NBT Bancorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's dividend payout ratio is 36.19%.
Hedge Funds Weigh In On NBT Bancorp
Several institutional investors have recently modified their holdings of the business. Private Advisor Group LLC lifted its stake in NBT Bancorp by 4.2% during the first quarter. Private Advisor Group LLC now owns 5,809 shares of the bank's stock worth $247,000 after purchasing an additional 233 shares during the last quarter. Ascent Wealth Partners LLC boosted its holdings in shares of NBT Bancorp by 6.1% in the 1st quarter. Ascent Wealth Partners LLC now owns 5,353 shares of the bank's stock valued at $228,000 after buying an additional 309 shares in the last quarter. Inspire Investing LLC grew its position in shares of NBT Bancorp by 2.9% in the 4th quarter. Inspire Investing LLC now owns 11,257 shares of the bank's stock valued at $467,000 after buying an additional 315 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of NBT Bancorp by 63.8% during the first quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after purchasing an additional 324 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of NBT Bancorp by 1.4% during the fourth quarter. State of Alaska Department of Revenue now owns 28,929 shares of the bank's stock worth $1,200,000 after purchasing an additional 397 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.
NBT Bancorp News Summary
Here are the key news stories impacting NBT Bancorp this week:
- Positive Sentiment: NBT Bancorp recently reached a new 12-month high following a dividend announcement, suggesting investors viewed the higher payout favorably. NBT Bancorp Hits New 12-Month High After Dividend Announcement
- Positive Sentiment: Management’s second-quarter earnings call highlighted robust momentum, while the company’s dividend increase provides an additional income-oriented attraction for shareholders. NBT Bancorp Earnings Call Highlights Robust Momentum
- Neutral Sentiment: Institutional ownership changes were mixed: Bank of New York Mellon reduced its position by 2.2%, while Fifth Third Bancorp reported a significant percentage increase from a small existing base. These filings indicate limited near-term conviction because they reflect earlier-quarter activity. Bank of New York Mellon Holdings
- Negative Sentiment: Stephens downgraded NBT Bancorp from “overweight” to “equal weight.” Although its price target increased to $55 from $52, the new rating indicates the firm believes much of the upside has already been reflected in the share price.
- Negative Sentiment: Two executive vice presidents sold a combined 13,500 shares for approximately $730,710. Each transaction reduced the respective executive’s ownership by more than 27%, potentially raising concerns about insider confidence, although the sales may also reflect personal financial planning. Sarah A. Halliday SEC Filing Ruth H. Mahoney SEC Filing
- Negative Sentiment: Recent coverage characterized NBT Bancorp as fully valued after its second-quarter results and dividend hike. The bank narrowly missed quarterly earnings and revenue expectations, reporting $1.01 in earnings per share versus a $1.02 consensus and $186.69 million in revenue versus $188.81 million expected. NBT Bancorp Looks Fully Valued After Q2 Earnings and Dividend Hike
Analyst Ratings Changes
A number of research analysts have commented on the stock. Stephens cut shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $52.00 to $55.00 in a research report on Thursday. DA Davidson increased their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler boosted their target price on NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Hovde Group dropped their price objective on NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating for the company in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $54.12.
Check Out Our Latest Stock Report on NBTB
About NBT Bancorp
(
Get Free Report)
NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.
In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.
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