New York State Teachers Retirement System Reduces Stake in NBT Bancorp Inc. (NASDAQ:NBTB)

The New York State Teachers Retirement System has recently reduced its holdings in NBT Bancorp Inc. (NASDAQ:NBTB), lowering its stake by 2.0% during the third quarter of the year. In its latest filing with the Securities and Exchange Commission, the retirement system reported ownership of 39,876 shares after selling 800 shares in this period. At the conclusion of the quarter, the total value of its holdings in NBT Bancorp was approximately $1,764,000.

In addition to these changes, several other institutional investors have also adjusted their positions in NBT Bancorp. For instance, GAMMA Investing LLC increased its ownership by 47.9% during the third quarter, now holding 778 shares valued at $34,000 after acquiring an additional 252 shares. SG Americas Securities LLC bought a new stake in NBT Bancorp worth around $178,000 in the first quarter. Similarly, AQR Capital Management LLC and Union Savings Bank also increased their investments in the bank during the second quarter, with Union Savings Bank growing its investment by 45.1%, now owning 7,026 shares worth $271,000.

Insider Transactions

Director V Daniel Robinson II has been active in the market, selling 20,000 shares of NBT Bancorp stock on September 11th at an average price of $44.10, totaling $882,000. Following the sale, he retains 517,558 shares of the company, which are valued at roughly $22.8 million. Additionally, EVP Martin Randolph Sparks sold 1,000 shares on September 12th at $48.37, resulting in a transaction value of $48,370. Both transactions have not significantly impacted their ownership percentages.

Overall, insiders have sold 122,556 shares worth $5,486,890 over the last quarter, with company insiders currently holding about 3.32% of the company's stock.

NBT Bancorp's Stock Overview

The stock for NBT Bancorp opened at $49.39 on Friday. The company maintains a debt-to-equity ratio of 0.17, a quick ratio of 0.87, and a current ratio of 0.87. Over the past 50 days, the moving average of the stock has been $45.11, while the 200-day average stands at $42.18. NBT Bancorp has a market capitalization of $2.33 billion, a P/E ratio of 17.39, and a beta of 0.49, with a one-year low of $32.79 and a high of $51.22.

NBT Bancorp recently announced its quarterly earnings results on October 28th, reporting earnings of $0.80 per share, surpassing analyst expectations of $0.78 per share. The company's revenue during the quarter was $202 million, significantly exceeding the expected $144.7 million. NBT Bancorp boasted a net margin of 17.37% and a return on equity of 9.36%. Their earnings per share for the previous year was $0.84, and analysts forecast a total EPS of 2.91 for the ongoing year.

Dividend Announcement

Moreover, NBT Bancorp has disclosed plans for a quarterly dividend of $0.34, set to be paid to shareholders on December 16th, with the ex-dividend date on December 2nd. This annualizes to a total of $1.36 in dividends, equating to a yield of 2.75%. The payout ratio of the company stands at 47.89%.

Analyst Ratings Updates

Recent evaluations from several equities research analysts indicate a shift in recommendations for NBT Bancorp. Raymond James downgraded the stock from an “outperform” rating to a “market perform” in July. Stephens maintained an “equal weight” rating and set a price target of $49.00 in September. StockNews.com has also upgraded NBT Bancorp from a “sell” to a “hold” as of October 30th. Currently, four analysts rate the stock as hold while two assigned buy ratings, leading to an average rating of “Hold” with a target price of $42.60.

NBT Bancorp Company Background

NBT Bancorp Inc. is a financial holding company offering a range of services, including commercial banking, retail banking, and wealth management. Its products encompass various deposit accounts and loans, catering to both consumer and commercial needs.

New York, Bancorp, Invest, Shares