JPMorgan Chase & Co. Raises Stock Holdings in NBT Bancorp Inc. $NBTB

JPMorgan Chase & Co. raised its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 26.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 334,913 shares of the bank’s stock after buying an additional 70,594 shares during the quarter. JPMorgan Chase & Co.’s holdings in NBT Bancorp were worth $13,986,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of NBT Bancorp by 22.3% during the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock valued at $1,729,000 after buying an additional 7,349 shares during the last quarter. AQR Capital Management LLC grew its position in shares of NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock worth $585,000 after buying an additional 4,231 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after acquiring an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock worth $7,102,000 after acquiring an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in NBT Bancorp by 1,188.4% during the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after acquiring an additional 81,432 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Stock Up 0.2%

NBTB stock opened at $42.54 on Friday. The stock has a market capitalization of $2.22 billion, a PE ratio of 12.89 and a beta of 0.50. NBT Bancorp Inc. has a 52 week low of $37.31 and a 52 week high of $46.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average of $43.64 and a 200 day moving average of $42.54.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, January 26th. The bank reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. The business had revenue of $185.14 million for the quarter, compared to analyst estimates of $183.63 million. Sell-side analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, March 2nd. NBT Bancorp’s dividend payout ratio is presently 44.85%.

Insiders Place Their Bets

In related news, EVP Amy Wiles sold 4,435 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total value of $202,768.20. Following the completion of the transaction, the executive vice president owned 21,500 shares in the company, valued at $982,980. This trade represents a 17.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy E. Delaney purchased 22,730 shares of the stock in a transaction on Wednesday, January 28th. The shares were purchased at an average cost of $42.97 per share, with a total value of $976,708.10. Following the transaction, the director owned 74,615 shares in the company, valued at $3,206,206.55. This trade represents a 43.81% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 3.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NBTB shares. Brean Capital downgraded shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Janney Montgomery Scott lowered NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. Weiss Ratings raised NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Piper Sandler initiated coverage on NBT Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $50.00 target price on the stock. Finally, DA Davidson initiated coverage on NBT Bancorp in a research report on Wednesday, February 25th. They set a “buy” rating and a $54.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, NBT Bancorp currently has an average rating of “Moderate Buy” and an average target price of $52.00.

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.