Empowered Funds LLC Acquires New Shares in NBT Bancorp Inc. $NBTB

Empowered Funds LLC bought a new stake in NBT Bancorp Inc. (NASDAQ:NBTB) during the second quarter, Holdings Channel reports. The institutional investor bought 77,153 shares of the bank’s stock, valued at approximately $3,809,000.

Several other hedge funds also recently bought and sold shares of NBTB. EverSource Wealth Advisors LLC increased its position in NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after purchasing an additional 609 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of NBT Bancorp during the 2nd quarter valued at about $32,000. Larson Financial Group LLC lifted its holdings in shares of NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after buying an additional 799 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after buying an additional 324 shares in the last quarter. Finally, Western Wealth Management LLC acquired a new position in NBT Bancorp in the first quarter worth approximately $37,000. 58.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the sale, the executive vice president directly owned 16,428 shares in the company, valued at $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the sale, the executive vice president directly owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 20,600 shares of company stock worth $1,064,573 in the last quarter. 2.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

NBTB has been the topic of several recent research reports. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Wall Street Zen downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods restated a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Finally, DA Davidson lifted their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $54.10.

NBT Bancorp Stock Down 2.2%

Shares of NBT Bancorp stock opened at $50.31 on Wednesday. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average price of $51.65 and a two-hundred day moving average price of $47.02. The stock has a market capitalization of $2.61 billion, a P/E ratio of 12.30 and a beta of 0.48.

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

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 1st. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio (DPR) is 39.12%.

NBT Bancorp Profile

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.