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Raymond James Financial Inc. raised its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB – Free Report) by 3.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 513,243 shares of the bank’s stock after purchasing an additional 18,035 shares during the quarter. Raymond James Financial Inc. owned 1.09% of NBT Bancorp worth $22,018,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of NBTB. Leigh Baldwin & CO. LLC bought a new stake in NBT Bancorp during the 4th quarter valued at about $52,606,000. Silvercrest Asset Management Group LLC bought a new stake in NBT Bancorp during the 4th quarter valued at about $38,978,000. Nuveen LLC bought a new stake in NBT Bancorp during the 1st quarter valued at about $5,159,000. GAMMA Investing LLC increased its stake in NBT Bancorp by 4,554.4% during the 1st quarter. GAMMA Investing LLC now owns 60,275 shares of the bank’s stock valued at $2,586,000 after purchasing an additional 58,980 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of NBT Bancorp by 4.9% in the fourth quarter. Northern Trust Corp now owns 726,413 shares of the bank’s stock worth $34,693,000 after acquiring an additional 33,855 shares during the period. 58.46% of the stock is currently owned by institutional investors.
NBT Bancorp Stock Performance
Shares of NASDAQ NBTB opened at $44.89 on Wednesday. The firm has a 50 day moving average of $42.33 and a 200 day moving average of $42.81. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 16.21 and a beta of 0.59. NBT Bancorp Inc. has a 12-month low of $37.31 and a 12-month high of $52.44.
NBT Bancorp (NASDAQ:NBTB – Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The company had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, research analysts anticipate that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.
NBT Bancorp Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.3%. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, August 29th. NBT Bancorp’s dividend payout ratio (DPR) is presently 49.10%.
Analyst Ratings Changes
A number of analysts have recently commented on the stock. Piper Sandler upgraded shares of NBT Bancorp to a “neutral” rating and set a $47.00 price target for the company in a research note on Tuesday, July 8th. DA Davidson lifted their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $52.00.
Read Our Latest Analysis on NBT Bancorp
Insider Transactions at NBT Bancorp
In related news, Director David J. Nasca sold 19,603 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the sale, the director directly owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.03% of the company’s stock.
NBT Bancorp Profile
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.
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