Insider Selling: NBT Bancorp Inc. (NBTB) Director Sells $581,400.00 in Stock
NBT Bancorp Inc. (NASDAQ:NBTB) Director V Daniel Robinson II sold 15,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $38.76, for a total value of $581,400.00. Following the transaction, the director now directly owns 10,141 shares of the company’s stock, valued at $393,065.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
V Daniel Robinson II also recently made the following trade(s):
- On Monday, October 30th, V Daniel Robinson II sold 25,000 shares of NBT Bancorp stock. The stock was sold at an average price of $38.56, for a total value of $964,000.00.
- On Wednesday, October 25th, V Daniel Robinson II sold 25,000 shares of NBT Bancorp stock. The stock was sold at an average price of $38.58, for a total value of $964,500.00.
NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Tuesday, October 24th. The bank reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. The company had revenue of $102.71 million during the quarter, compared to analyst estimates of $101.31 million. NBT Bancorp had a net margin of 20.02% and a return on equity of 9.01%. NBT Bancorp’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.23 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.40%. NBT Bancorp’s dividend payout ratio is currently 47.92%.
NBT Bancorp announced that its board has authorized a share buyback program on Monday, October 23rd that permits the company to buyback 1,000,000 shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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Several research analysts recently issued reports on NBTB shares. Piper Jaffray Companies reaffirmed a “hold” rating and set a $35.00 target price on shares of NBT Bancorp in a research report on Sunday, September 17th. Zacks Investment Research lowered NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, September 2nd. Boenning Scattergood raised NBT Bancorp from an “under perform” rating to a “neutral” rating in a research report on Tuesday, August 15th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 target price on shares of NBT Bancorp in a research report on Tuesday, October 3rd. Finally, BidaskClub lowered NBT Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $37.38.
Several institutional investors have recently bought and sold shares of NBTB. BlackRock Inc. boosted its holdings in shares of NBT Bancorp by 47,917.6% during the first quarter. BlackRock Inc. now owns 5,456,241 shares of the bank’s stock worth $202,263,000 after purchasing an additional 5,444,878 shares during the period. Vanguard Group Inc. boosted its holdings in shares of NBT Bancorp by 7.4% during the first quarter. Vanguard Group Inc. now owns 4,067,362 shares of the bank’s stock worth $150,777,000 after purchasing an additional 279,331 shares during the period. State Street Corp boosted its holdings in shares of NBT Bancorp by 14.1% during the first quarter. State Street Corp now owns 1,246,976 shares of the bank’s stock worth $46,225,000 after purchasing an additional 154,441 shares during the period. Citadel Advisors LLC boosted its holdings in shares of NBT Bancorp by 440.7% during the second quarter. Citadel Advisors LLC now owns 72,367 shares of the bank’s stock worth $2,674,000 after purchasing an additional 58,984 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of NBT Bancorp by 62.1% during the first quarter. Bank of America Corp DE now owns 71,613 shares of the bank’s stock worth $2,655,000 after purchasing an additional 27,422 shares during the period. Institutional investors own 49.13% of the company’s stock.
About NBT Bancorp
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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