Community Bank N.A. Cuts Holdings in NBT Bancorp Inc. $NBTB

Community Bank N.A. lessened its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 9.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 17,075 shares of the bank’s stock after selling 1,720 shares during the quarter. Community Bank N.A.’s holdings in NBT Bancorp were worth $709,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TD Private Client Wealth LLC grew its stake in NBT Bancorp by 51.3% in the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank’s stock worth $37,000 after buying an additional 294 shares in the last quarter. Farther Finance Advisors LLC grew its stake in NBT Bancorp by 2,902.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,441 shares of the bank’s stock worth $60,000 after buying an additional 1,393 shares in the last quarter. Cloud Capital Management LLC purchased a new position in NBT Bancorp in the 1st quarter worth approximately $68,000. GAMMA Investing LLC grew its stake in NBT Bancorp by 38.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,951 shares of the bank’s stock worth $81,000 after buying an additional 546 shares in the last quarter. Finally, Stone House Investment Management LLC purchased a new position in NBT Bancorp in the 1st quarter worth approximately $88,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Trading Up 6.4%

NASDAQ:NBTB opened at $42.18 on Wednesday. The company has a fifty day moving average of $42.66 and a 200 day moving average of $42.14. NBT Bancorp Inc. has a 52 week low of $37.31 and a 52 week high of $52.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.21 billion, a P/E ratio of 15.23 and a beta of 0.54.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. The company had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. On average, research analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were issued a dividend of $0.37 per share. The ex-dividend date was Friday, August 29th. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.34. NBT Bancorp’s dividend payout ratio (DPR) is currently 53.43%.

Insider Buying and Selling

In related news, Director David J. Nasca sold 19,603 shares of the company’s stock in a transaction 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 $3,599,952.20. This represents a 19.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.03% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on NBTB. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of NBT Bancorp in a research note on Wednesday, October 8th. DA Davidson upped their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Piper Sandler set a $47.00 price objective on shares of NBT Bancorp and gave the company an “overweight” rating in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.00.

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.