State Street Corp Sells 28,041 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

State Street Corp lowered its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,053,558 shares of the bank’s stock after selling 28,041 shares during the period. State Street Corp owned about 4.35% of NBT Bancorp worth $90,829,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NBTB. GAMMA Investing LLC lifted its stake in NBT Bancorp by 47.9% during the third quarter. GAMMA Investing LLC now owns 778 shares of the bank’s stock worth $34,000 after purchasing an additional 252 shares during the last quarter. US Bancorp DE bought a new stake in shares of NBT Bancorp in the 3rd quarter valued at about $57,000. Quest Partners LLC bought a new stake in shares of NBT Bancorp in the 3rd quarter valued at about $57,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of NBT Bancorp in the 3rd quarter valued at about $103,000. Finally, AQR Capital Management LLC bought a new stake in shares of NBT Bancorp in the 2nd quarter valued at about $214,000. Institutional investors own 58.46% of the company’s stock.

NBT Bancorp Trading Up 1.3 %

NBTB opened at $52.33 on Tuesday. The business has a 50 day simple moving average of $47.67 and a two-hundred day simple moving average of $44.57. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 18.43 and a beta of 0.52. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp Inc. has a one year low of $32.79 and a one year high of $52.39.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. The firm had revenue of $202.00 million for the quarter, compared to the consensus estimate of $144.70 million. During the same quarter in the prior year, the business earned $0.84 EPS. Analysts predict that NBT Bancorp Inc. will post 2.94 EPS for the current year.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.34 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%. NBT Bancorp’s dividend payout ratio (DPR) is 47.89%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NBTB. Keefe, Bruyette & Woods boosted their target price on NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com raised NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, December 10th. DA Davidson began coverage on NBT Bancorp in a research note on Thursday, December 12th. They issued a “neutral” rating and a $60.00 target price for the company. Finally, Stephens reaffirmed an “equal weight” rating and set a $49.00 price target on shares of NBT Bancorp in a research report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.17.

Insiders Place Their Bets

In other NBT Bancorp news, Director John H. Watt, Jr. sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $45.45, for a total transaction of $909,000.00. Following the transaction, the director now owns 143,101 shares in the company, valued at approximately $6,503,940.45. This represents a 12.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy E. Delaney sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $51.47, for a total value of $2,058,800.00. Following the transaction, the director now owns 38,853 shares in the company, valued at $1,999,763.91. This trade represents a 50.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,694 shares of company stock worth $4,048,185. Company insiders own 3.32% of the company’s stock.

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.