Insider Selling: NBT Bancorp Inc. (NASDAQ:NBTB) Director Sells $494,000.00 in Stock

NBT Bancorp Inc. (NASDAQ:NBTB) Director John H. Watt, Jr. sold 10,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $49.40, for a total transaction of $494,000.00. Following the completion of the sale, the director now directly owns 125,301 shares in the company, valued at approximately $6,189,869.40. The trade was a 7.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

NBT Bancorp Price Performance

NBT Bancorp stock opened at $48.74 on Thursday. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 17.19 and a beta of 0.49. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. NBT Bancorp Inc. has a 12-month low of $32.79 and a 12-month high of $51.93. The business’s 50-day simple moving average is $45.49 and its 200 day simple moving average is $42.95.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The firm had revenue of $202.00 million for the quarter, compared to analysts’ expectations of $144.70 million. NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period last year, the firm earned $0.84 earnings per share. As a group, research analysts anticipate that NBT Bancorp Inc. will post 2.91 earnings per share for the current year.

NBT Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.79%. The ex-dividend date is Monday, December 2nd. NBT Bancorp’s payout ratio is 47.89%.

Institutional Trading of NBT Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in NBT Bancorp by 540.2% during the 2nd quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock worth $27,147,000 after acquiring an additional 593,436 shares during the last quarter. Bank of New York Mellon Corp raised its stake in NBT Bancorp by 36.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock worth $24,307,000 after buying an additional 169,180 shares during the period. Eagle Asset Management Inc. lifted its holdings in NBT Bancorp by 76.3% during the third quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after acquiring an additional 163,952 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in NBT Bancorp by 14.9% in the second quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock valued at $31,978,000 after acquiring an additional 107,404 shares during the period. Finally, Ceredex Value Advisors LLC raised its position in shares of NBT Bancorp by 40.9% during the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after purchasing an additional 89,800 shares during the period. 58.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on NBTB shares. Raymond James lowered shares of NBT Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. StockNews.com upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Stephens restated an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.60.

About NBT Bancorp

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.