Russell Investments Group Ltd. reduced its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 62.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,099 shares of the bank’s stock after selling 34,927 shares during the quarter. Russell Investments Group Ltd.’s holdings in NBT Bancorp were worth $810,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zebra Capital Management LLC bought a new stake in NBT Bancorp in the second quarter worth about $371,000. California Public Employees Retirement System raised its position in NBT Bancorp by 8.2% in the second quarter. California Public Employees Retirement System now owns 112,530 shares of the bank’s stock worth $4,293,000 after acquiring an additional 8,527 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in NBT Bancorp in the second quarter worth about $352,000. Nisa Investment Advisors LLC raised its position in NBT Bancorp by 88.1% in the third quarter. Nisa Investment Advisors LLC now owns 18,806 shares of the bank’s stock worth $722,000 after acquiring an additional 8,806 shares in the last quarter. Finally, KBC Group NV bought a new stake in NBT Bancorp in the second quarter worth about $286,000. Institutional investors and hedge funds own 53.04% of the company’s stock.
NASDAQ NBTB opened at $36.75 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 14.84 and a beta of 0.82. NBT Bancorp Inc. has a 1 year low of $34.05 and a 1 year high of $41.88.
NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, October 22nd. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The firm had revenue of $110.91 million for the quarter, compared to the consensus estimate of $110.87 million. NBT Bancorp had a return on equity of 10.91% and a net margin of 21.87%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. On average, sell-side analysts expect that NBT Bancorp Inc. will post 2.55 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.83%. The ex-dividend date is Thursday, November 29th. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.25. NBT Bancorp’s payout ratio is presently 52.79%.
Several equities research analysts have commented on NBTB shares. BidaskClub upgraded shares of NBT Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, August 24th. Zacks Investment Research downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, October 27th. Finally, Boenning Scattergood restated a “hold” rating on shares of NBT Bancorp in a report on Tuesday, October 23rd. Five analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and an average price target of $39.50.
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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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