State Street Corp Sells 19,179 Shares of NBT Bancorp Inc. (NBTB)
State Street Corp reduced its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,227,797 shares of the bank’s stock after selling 19,179 shares during the period. State Street Corp owned approximately 2.82% of NBT Bancorp worth $45,367,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of NBT Bancorp by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock worth $30,121,000 after purchasing an additional 18,462 shares in the last quarter. NBT Bank N A NY lifted its holdings in shares of NBT Bancorp by 1.6% in the 2nd quarter. NBT Bank N A NY now owns 250,889 shares of the bank’s stock worth $9,271,000 after purchasing an additional 3,838 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of NBT Bancorp by 0.8% in the 1st quarter. Geode Capital Management LLC now owns 398,528 shares of the bank’s stock worth $14,773,000 after purchasing an additional 3,262 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of NBT Bancorp by 7.4% in the 1st 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 in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of NBT Bancorp by 2.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 216,514 shares of the bank’s stock worth $8,027,000 after purchasing an additional 4,758 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.
A number of research firms recently commented on NBTB. Zacks Investment Research raised NBT Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, October 26th. BidaskClub lowered NBT Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Piper Jaffray Companies reissued a “hold” rating and issued a $35.50 price target on shares of NBT Bancorp in a research report on Friday, July 14th. ValuEngine lowered NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $38.00 price target on shares of NBT Bancorp in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. NBT Bancorp presently has a consensus rating of “Hold” and an average price target of $37.38.
Shares of NBT Bancorp Inc. (NBTB) opened at $37.80 on Friday. The company has a market capitalization of $1,644.72, a price-to-earnings ratio of 19.69 and a beta of 0.90. NBT Bancorp Inc. has a 12-month low of $31.28 and a 12-month high of $42.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.83 and a quick ratio of 0.83.
NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The business had revenue of $102.71 million during the quarter, compared to analyst estimates of $101.31 million. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. NBT Bancorp’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. equities analysts anticipate that NBT Bancorp Inc. will post 2 earnings per share for the current fiscal year.
NBT Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 23rd that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, November 30th. NBT Bancorp’s payout ratio is currently 47.92%.
In other news, Director V Daniel Robinson II sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $38.58, for a total transaction of $964,500.00. Following the completion of the sale, the director now directly owns 10,141 shares of the company’s stock, valued at approximately $391,239.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 65,000 shares of company stock valued at $2,509,900. Insiders own 2.83% 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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