Empowered Funds LLC Makes New $1.54 Million Investment in NBT Bancorp Inc. $NBTB

Empowered Funds LLC acquired a new position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the 1st quarter, Holdings Channel reports. The fund acquired 36,284 shares of the bank’s stock, valued at approximately $1,545,000.

A number of other large investors have also recently made changes to their positions in NBTB. EverSource Wealth Advisors LLC grew its stake in NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after purchasing an additional 609 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. boosted its position in NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after buying an additional 324 shares during the last quarter. Global Retirement Partners LLC increased its holdings in NBT Bancorp by 62.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after buying an additional 399 shares during the period. Finally, Quadrant Capital Group LLC acquired a new position in NBT Bancorp in the 4th quarter worth approximately $64,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Trading Down 0.5%

Shares of NBT Bancorp stock opened at $52.66 on Friday. The firm has a 50-day simple moving average of $49.83 and a two-hundred day simple moving average of $46.13. The company has a market cap of $2.74 billion, a P/E ratio of 12.88 and a beta of 0.48. NBT Bancorp Inc. has a fifty-two week low of $39.19 and a fifty-two week high of $54.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The firm had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $188.81 million. As a group, equities analysts predict that NBT Bancorp Inc. will post 4.15 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.0%. NBT Bancorp’s dividend payout ratio is 36.19%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Hovde Group reduced their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research report on Monday, April 27th. Stephens downgraded shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Finally, Piper Sandler boosted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, NBT Bancorp has an average rating of “Hold” and a consensus target price of $54.10.

Insider Activity

In other news, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares in the company, valued at $555,226.80. This trade represents a 15.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the sale, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. This represents a 28.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 20,600 shares of company stock worth $1,064,573 over the last three months. 2.99% of the stock is currently owned by corporate insiders.

NBT Bancorp Profile

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.