Victory Capital Management Inc. increased its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 15.9% in the second quarter, Holdings Channel reports. The fund owned 12,090 shares of the bank’s stock after purchasing an additional 1,656 shares during the period. Victory Capital Management Inc.’s holdings in NBT Bancorp were worth $461,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NBTB. Wells Fargo & Company MN raised its holdings in NBT Bancorp by 7.3% in the first quarter. Wells Fargo & Company MN now owns 79,752 shares of the bank’s stock valued at $2,830,000 after acquiring an additional 5,421 shares in the last quarter. Rhumbline Advisers raised its holdings in NBT Bancorp by 1.6% in the first quarter. Rhumbline Advisers now owns 105,553 shares of the bank’s stock valued at $3,745,000 after acquiring an additional 1,650 shares in the last quarter. Swiss National Bank raised its holdings in NBT Bancorp by 3.4% in the first quarter. Swiss National Bank now owns 75,800 shares of the bank’s stock valued at $2,689,000 after acquiring an additional 2,500 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in NBT Bancorp by 1.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 294,744 shares of the bank’s stock valued at $10,458,000 after acquiring an additional 3,216 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new stake in NBT Bancorp in the first quarter valued at $363,000. 52.28% of the stock is owned by institutional investors.
A number of analysts have weighed in on NBTB shares. Boenning Scattergood reissued a “neutral” rating on shares of NBT Bancorp in a report on Friday, June 29th. BidaskClub cut shares of NBT Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, May 12th. Finally, Zacks Investment Research raised shares of NBT Bancorp from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $40.13.
Shares of NASDAQ:NBTB opened at $40.43 on Thursday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 20.52 and a beta of 0.89. NBT Bancorp Inc. has a 1-year low of $31.28 and a 1-year high of $41.88. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.85.
NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 23rd. The bank reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. The company had revenue of $109.90 million for the quarter, compared to analysts’ expectations of $108.45 million. NBT Bancorp had a net margin of 20.92% and a return on equity of 10.30%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 earnings per share. equities research analysts anticipate that NBT Bancorp Inc. will post 2.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, August 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.47%. NBT Bancorp’s dividend payout ratio (DPR) is 50.76%.
In other news, EVP Sarah A. Halliday purchased 850 shares of the stock in a transaction dated Friday, August 10th. The stock was acquired at an average price of $39.18 per share, for a total transaction of $33,303.00. Following the completion of the transaction, the executive vice president now owns 5,712 shares of the company’s stock, valued at $223,796.16. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Joseph R. Stagliano sold 5,500 shares of the company’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $41.45, for a total transaction of $227,975.00. Following the transaction, the executive vice president now owns 59,737 shares of the company’s stock, valued at approximately $2,476,098.65. The disclosure for this sale can be found here. 3.23% of the stock is currently owned by corporate insiders.
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 commercial, commercial real estate, agricultural, agricultural real estate, and business banking loans; consumer loans, such as indirect, home equity, and direct loans; and residential real estate mortgages, as well as real estate construction and development loans.
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