BlackRock Inc. boosted its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 47,917.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,456,241 shares of the bank’s stock after buying an additional 5,444,878 shares during the period. BlackRock Inc. owned about 12.65% of NBT Bancorp worth $202,263,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in NBT Bancorp during the fourth quarter valued at about $20,182,000. Russell Investments Group Ltd. purchased a new position in NBT Bancorp during the fourth quarter valued at about $239,000. Guggenheim Capital LLC increased its position in NBT Bancorp by 15.7% in the fourth quarter. Guggenheim Capital LLC now owns 63,028 shares of the bank’s stock valued at $2,640,000 after buying an additional 8,550 shares during the period. Ameriprise Financial Inc. increased its position in NBT Bancorp by 6.0% in the first quarter. Ameriprise Financial Inc. now owns 241,870 shares of the bank’s stock valued at $8,966,000 after buying an additional 13,761 shares during the period. Finally, Bank of New York Mellon Corp increased its position in NBT Bancorp by 28.9% in the first quarter. Bank of New York Mellon Corp now owns 796,715 shares of the bank’s stock valued at $29,534,000 after buying an additional 178,423 shares during the period. 49.84% of the stock is owned by institutional investors and hedge funds.
NBT Bancorp Inc. (NBTB) opened at 36.58 on Wednesday. The stock’s 50 day moving average price is $36.89 and its 200 day moving average price is $38.57. The firm has a market cap of $1.59 billion, a P/E ratio of 19.99 and a beta of 0.88. NBT Bancorp Inc. has a 1-year low of $29.23 and a 1-year high of $42.56.
NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, April 24th. The bank reported $0.46 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.46. NBT Bancorp had a return on equity of 8.75% and a net margin of 19.58%. The business had revenue of $97.20 million during the quarter, compared to analysts’ expectations of $97.54 million. During the same quarter last year, the business posted $0.43 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts predict that NBT Bancorp Inc. will post $1.95 EPS for the current year.
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NBTB has been the subject of several research reports. Zacks Investment Research downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. BidaskClub raised NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $35.50 price target on shares of NBT Bancorp in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $34.25.
In related news, Director John C. Mitchell sold 1,570 shares of the firm’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Mitchell sold 1,438 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $35.48, for a total value of $51,020.24. Following the transaction, the director now directly owns 32,781 shares of the company’s stock, valued at approximately $1,163,069.88. The disclosure for this sale can be found here. Company 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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