AlphaQuest LLC Purchases 4,307 Shares of NBT Bancorp Inc. $NBTB

AlphaQuest LLC boosted its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 41.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 14,632 shares of the bank’s stock after buying an additional 4,307 shares during the quarter. AlphaQuest LLC’s holdings in NBT Bancorp were worth $608,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NBTB. Illinois Municipal Retirement Fund boosted its holdings in NBT Bancorp by 8.8% in the first quarter. Illinois Municipal Retirement Fund now owns 26,528 shares of the bank’s stock valued at $1,138,000 after acquiring an additional 2,147 shares during the last quarter. KBC Group NV boosted its holdings in NBT Bancorp by 28.4% in the first quarter. KBC Group NV now owns 2,763 shares of the bank’s stock valued at $119,000 after acquiring an additional 611 shares during the last quarter. Teacher Retirement System of Texas bought a new position in NBT Bancorp in the first quarter valued at about $323,000. Principal Financial Group Inc. boosted its holdings in NBT Bancorp by 2.7% in the first quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank’s stock valued at $10,075,000 after acquiring an additional 6,150 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new position in NBT Bancorp in the first quarter valued at about $68,000. Institutional investors own 58.46% of the company’s stock.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the transaction, the director owned 82,910 shares in the company, valued at approximately $3,599,952.20. This represents a 19.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.03% of the company’s stock.

Analysts Set New Price Targets

NBTB has been the topic of several recent research reports. DA Davidson cut NBT Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Wall Street Zen upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of NBT Bancorp in a report on Wednesday, October 8th. Finally, Piper Sandler set a $47.00 target price on NBT Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, NBT Bancorp presently has a consensus rating of “Hold” and a consensus target price of $52.00.

NBT Bancorp Trading Down 0.4%

NASDAQ:NBTB opened at $40.74 on Tuesday. NBT Bancorp Inc. has a fifty-two week low of $37.31 and a fifty-two week high of $52.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $2.13 billion, a PE ratio of 14.71 and a beta of 0.54. The business’s 50-day simple moving average is $42.43 and its 200-day simple moving average is $42.16.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, October 27th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.08. The firm had revenue of $186.07 million during the quarter, compared to analysts’ expectations of $183.87 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. Sell-side analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

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.