JPMorgan Chase & Co. Increases Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

JPMorgan Chase & Co. raised its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 29.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 98,734 shares of the bank’s stock after purchasing an additional 22,362 shares during the quarter. JPMorgan Chase & Co. owned 0.23% of NBT Bancorp worth $3,633,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Bank of Montreal Can raised its holdings in NBT Bancorp by 37.2% during the second quarter. Bank of Montreal Can now owns 4,021 shares of the bank’s stock worth $149,000 after purchasing an additional 1,090 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in NBT Bancorp by 52.4% during the second quarter. Russell Investments Group Ltd. now owns 30,805 shares of the bank’s stock worth $1,139,000 after purchasing an additional 10,597 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in NBT Bancorp by 0.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 218,312 shares of the bank’s stock worth $8,067,000 after purchasing an additional 1,798 shares during the last quarter. Bank of New York Mellon Corp increased its position in NBT Bancorp by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock worth $30,121,000 after buying an additional 18,462 shares in the last quarter. Finally, Legal & General Group Plc increased its position in NBT Bancorp by 13.0% during the second quarter. Legal & General Group Plc now owns 86,644 shares of the bank’s stock worth $3,202,000 after buying an additional 9,950 shares in the last quarter. Institutional investors own 49.44% of the company’s stock.

Shares of NBT Bancorp Inc. (NASDAQ NBTB) opened at $37.45 on Thursday. NBT Bancorp Inc. has a 1 year low of $31.28 and a 1 year high of $42.55. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $1,630.00, a PE ratio of 19.61 and a beta of 0.89.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. The company had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. equities research analysts forecast that NBT Bancorp Inc. will post 1.97 EPS for the current year.

NBT Bancorp declared that its board has approved a stock buyback program on Monday, October 23rd that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Thursday, November 30th. NBT Bancorp’s dividend payout ratio is presently 48.17%.

In other NBT Bancorp news, Director V Daniel Robinson II sold 25,000 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $38.56, for a total transaction of $964,000.00. Following the transaction, the director now owns 10,141 shares in the company, valued at $391,036.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 65,000 shares of company stock worth $2,509,900. 3.07% of the stock is currently owned by insiders.

Several equities analysts have weighed in on NBTB shares. Piper Jaffray Companies reissued a “hold” rating and set a $35.00 price target on shares of NBT Bancorp in a research report on Sunday, September 17th. Zacks Investment Research downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $38.00 price target on shares of NBT Bancorp in a research report on Tuesday, October 3rd. Sandler O’Neill set a $38.00 price objective on NBT Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 3rd. Finally, BidaskClub downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a strong buy rating to the company. NBT Bancorp has a consensus rating of “Hold” and a consensus price target of $38.25.

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NBT Bancorp Company Profile

NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.

Institutional Ownership by Quarter for NBT Bancorp (NASDAQ:NBTB)

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