PL Capital Advisors LLC Has $3.60 Million Stock Position in NBT Bancorp Inc. $NBTB

PL Capital Advisors LLC decreased its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 64.9% in the second quarter, Holdings Channel reports. The fund owned 73,030 shares of the bank’s stock after selling 135,000 shares during the period. NBT Bancorp accounts for 1.0% of PL Capital Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. PL Capital Advisors LLC’s holdings in NBT Bancorp were worth $3,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of NBT Bancorp in the second quarter worth about $369,183,000. The Manufacturers Life Insurance Company bought a new stake in NBT Bancorp during the 2nd quarter valued at approximately $27,632,000. Bank of New York Mellon Corp acquired a new stake in NBT Bancorp in the 2nd quarter valued at approximately $22,685,000. Ceredex Value Advisors LLC acquired a new stake in NBT Bancorp in the 2nd quarter valued at approximately $13,673,000. Finally, Millennium Management LLC increased its position in NBT Bancorp by 564.1% in the 3rd quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock worth $10,359,000 after buying an additional 210,699 shares during the period. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Price Performance

Shares of NBTB stock opened at $51.55 on Monday. NBT Bancorp Inc. has a 12 month low of $39.19 and a 12 month high of $54.50. The company has a market capitalization of $2.68 billion, a P/E ratio of 12.60 and a beta of 0.48. The stock has a 50 day moving average of $51.52 and a two-hundred day moving average of $46.95. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. As a group, equities analysts expect that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio is currently 36.19%.

Wall Street Analysts Forecast Growth

NBTB has been the subject of several research reports. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. DA Davidson boosted their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Piper Sandler upped their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, NBT Bancorp has a consensus rating of “Hold” and a consensus target price of $54.10.

Insider Transactions at NBT Bancorp

In other news, Director Heidi M. Hoeller sold 2,100 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total transaction of $486,360.00. Following the sale, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. This trade represents a 28.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 20,600 shares of company stock valued at $1,064,573. Company insiders own 2.99% of the company’s stock.

About NBT Bancorp

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.