Legal & General Group Plc Takes Position in NBT Bancorp Inc. $NBTB

Legal & General Group Plc purchased a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) during the 2nd quarter, Holdings Channel reports. The fund purchased 122,283 shares of the bank’s stock, valued at approximately $6,037,000.

Several other hedge funds have also recently bought and sold shares of NBTB. Private Advisor Group LLC boosted its position in NBT Bancorp by 4.2% during the 1st quarter. Private Advisor Group LLC now owns 5,809 shares of the bank’s stock worth $247,000 after acquiring an additional 233 shares during the period. Ascent Wealth Partners LLC increased its holdings in shares of NBT Bancorp by 6.1% in the 1st quarter. Ascent Wealth Partners LLC now owns 5,353 shares of the bank’s stock valued at $228,000 after purchasing an additional 309 shares during the period. Inspire Investing LLC lifted its position in shares of NBT Bancorp by 2.9% in the fourth quarter. Inspire Investing LLC now owns 11,257 shares of the bank’s stock worth $467,000 after purchasing an additional 315 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after purchasing an additional 324 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of NBT Bancorp by 62.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after purchasing an additional 399 shares during the period. 58.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Sarah A. Halliday sold 9,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This represents a 15.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,600 shares of company stock valued at $1,064,573 over the last quarter. Insiders own 2.99% of the company’s stock.

Wall Street Analyst Weigh In

NBTB has been the topic of several research reports. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. Piper Sandler lifted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. DA Davidson upped their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.10.

NBT Bancorp Stock Performance

NBTB stock opened at $51.21 on Thursday. The firm has a 50 day moving average of $51.70 and a two-hundred day moving average of $47.06. NBT Bancorp Inc. has a 12 month low of $39.19 and a 12 month high of $54.50. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 12.52 and a beta of 0.47. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08.

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

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.1%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 1st. NBT Bancorp’s dividend payout ratio is 39.12%.

NBT Bancorp Company 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.