Renaissance Technologies LLC Sells 28,300 Shares of NBT Bancorp Inc. $NBTB

Renaissance Technologies LLC cut its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 45.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,473 shares of the bank’s stock after selling 28,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.06% of NBT Bancorp worth $1,425,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. State Street Corp increased its position in NBT Bancorp by 7.8% in the 2nd quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after acquiring an additional 182,793 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of NBT Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock valued at $99,252,000 after purchasing an additional 30,141 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of NBT Bancorp by 2.0% during the fourth quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock valued at $27,532,000 after purchasing an additional 12,967 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after purchasing an additional 174,639 shares during the last quarter. Finally, Nuveen LLC increased its holdings in shares of NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock valued at $11,879,000 after purchasing an additional 180,528 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $53.41 on Thursday. The stock has a market cap of $2.78 billion, a PE ratio of 13.06 and a beta of 0.48. The stock has a 50-day moving average of $50.27 and a 200-day moving average of $46.32. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp Inc. has a one year low of $39.19 and a one year high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. As a group, sell-side analysts expect that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio is currently 36.19%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Hovde Group reduced their price objective on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a report on Monday, April 27th. DA Davidson lifted their target price on NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Piper Sandler boosted their target price on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Finally, Stephens lowered NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $54.10.

Insider Activity at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 4,500 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total transaction of $244,350.00. Following the sale, the executive vice president owned 11,928 shares of the company’s stock, valued at approximately $647,690.40. This trade represents a 27.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,600 shares of company stock worth $1,064,573 in the last quarter. Corporate insiders own 2.99% of the company’s stock.

NBT Bancorp Profile

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.