Texas Permanent School Fund reduced its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,418 shares of the bank’s stock after selling 61 shares during the period. Texas Permanent School Fund owned approximately 0.07% of NBT Bancorp worth $1,165,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in shares of NBT Bancorp by 26.0% in the first quarter. Bank of Montreal Can now owns 2,931 shares of the bank’s stock valued at $109,000 after buying an additional 604 shares during the period. State of Alaska Department of Revenue increased its stake in NBT Bancorp by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 4,790 shares of the bank’s stock valued at $177,000 after buying an additional 130 shares during the last quarter. Cpcm LLC acquired a new stake in NBT Bancorp during the fourth quarter valued at about $207,000. Russell Investments Group Ltd. acquired a new stake in NBT Bancorp during the fourth quarter valued at about $239,000. Finally, Miles Capital Inc. increased its stake in NBT Bancorp by 7.1% in the fourth quarter. Miles Capital Inc. now owns 6,934 shares of the bank’s stock valued at $290,000 after buying an additional 459 shares during the last quarter. Institutional investors and hedge funds own 50.32% of the company’s stock.
Shares of NBT Bancorp Inc. (NASDAQ NBTB) opened at 37.76 on Friday. NBT Bancorp Inc. has a 52-week low of $26.67 and a 52-week high of $42.56. The company has a market cap of $1.64 billion, a P/E ratio of 20.63 and a beta of 0.92. The company has a 50-day moving average price of $37.24 and a 200-day moving average price of $39.22.
NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Monday, April 24th. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.46. The business had revenue of $97.20 million during the quarter, compared to analysts’ expectations of $97.54 million. NBT Bancorp had a return on equity of 8.75% and a net margin of 19.58%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, equities analysts predict that NBT Bancorp Inc. will post $1.94 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were issued a $0.23 dividend. The ex-dividend date was Tuesday, May 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.44%. NBT Bancorp’s payout ratio is 50.27%.
Several equities analysts have weighed in on NBTB shares. Zacks Investment Research cut NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Piper Jaffray Companies upgraded NBT Bancorp from an “underweight” rating to a “neutral” rating and set a $35.50 target price on the stock in a research note on Thursday, June 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. NBT Bancorp currently has an average rating of “Hold” and an average target price of $34.75.
In other NBT Bancorp news, Director John C. Mitchell sold 1,570 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total transaction of $56,943.90. Following the completion of the transaction, the director now owns 34,219 shares of the company’s stock, valued at $1,241,123.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John C. Mitchell sold 1,438 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $35.48, for a total value of $51,020.24. Following the completion of the sale, the director now owns 32,781 shares of the company’s stock, valued at $1,163,069.88. The disclosure for this sale can be found here. Corporate insiders own 2.83% of the company’s stock.
NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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