Naples Money Management LLC Takes Position in NBT Bancorp Inc. (NASDAQ:NBTB)

Naples Money Management LLC purchased a new stake in NBT Bancorp Inc. (NASDAQ:NBTB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,724 shares of the bank’s stock, valued at approximately $156,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Citigroup Inc. boosted its holdings in shares of NBT Bancorp by 11.8% in the first quarter. Citigroup Inc. now owns 38,245 shares of the bank’s stock worth $1,382,000 after buying an additional 4,022 shares during the period. MetLife Investment Management LLC boosted its stake in NBT Bancorp by 59.9% in the 1st quarter. MetLife Investment Management LLC now owns 22,390 shares of the bank’s stock worth $809,000 after purchasing an additional 8,387 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in NBT Bancorp by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,372 shares of the bank’s stock worth $1,350,000 after purchasing an additional 4,608 shares in the last quarter. BlackRock Inc. raised its stake in NBT Bancorp by 0.9% during the 1st quarter. BlackRock Inc. now owns 6,393,473 shares of the bank’s stock valued at $230,994,000 after purchasing an additional 56,332 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of NBT Bancorp by 4.8% in the first quarter. Great West Life Assurance Co. Can now owns 39,122 shares of the bank’s stock valued at $1,449,000 after purchasing an additional 1,782 shares in the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Insider Buying and Selling at NBT Bancorp

In other news, Director Lowell A. Seifter sold 4,770 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $37.50, for a total transaction of $178,875.00. Following the completion of the sale, the director now owns 44,362 shares in the company, valued at approximately $1,663,575. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Scott Allen Kingsley bought 1,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were acquired at an average cost of $36.80 per share, for a total transaction of $36,800.00. Following the purchase, the chief financial officer now owns 25,513 shares of the company’s stock, valued at approximately $938,878.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lowell A. Seifter sold 4,770 shares of NBT Bancorp stock in a transaction on Monday, January 29th. The stock was sold at an average price of $37.50, for a total transaction of $178,875.00. Following the completion of the transaction, the director now owns 44,362 shares in the company, valued at approximately $1,663,575. The disclosure for this sale can be found here. Insiders have sold a total of 8,641 shares of company stock worth $319,806 over the last three months. Corporate insiders own 3.32% of the company’s stock.

Analyst Ratings Changes

NBTB has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on NBT Bancorp from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Raymond James upped their target price on NBT Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Janney Montgomery Scott upgraded shares of NBT Bancorp from a “neutral” rating to a “buy” rating and set a $39.00 price target for the company in a report on Thursday, March 21st. Keefe, Bruyette & Woods dropped their price objective on shares of NBT Bancorp from $45.00 to $41.00 and set a “market perform” rating on the stock in a research note on Thursday, January 25th. Finally, Stephens upgraded shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $42.00 target price for the company in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.60.

NBT Bancorp Stock Up 4.0 %

Shares of NASDAQ NBTB traded up $1.32 during trading hours on Friday, hitting $34.61. The stock had a trading volume of 180,126 shares, compared to its average volume of 209,706. The firm’s 50-day moving average price is $34.72 and its two-hundred day moving average price is $36.12. NBT Bancorp Inc. has a 52 week low of $27.52 and a 52 week high of $43.77. The company has a market capitalization of $1.63 billion, a P/E ratio of 13.01 and a beta of 0.51. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 0.86.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). NBT Bancorp had a return on equity of 11.10% and a net margin of 17.86%. The business had revenue of $137.66 million during the quarter, compared to the consensus estimate of $138.87 million. Analysts anticipate that NBT Bancorp Inc. will post 2.89 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Thursday, February 29th. NBT Bancorp’s payout ratio is 48.12%.

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.