Renaissance Technologies LLC Sells 28,300 Shares of NBT Bancorp Inc. $NBTB

Renaissance Technologies LLC cut its stake in NBT Bancorp Inc. (NASDAQ:NBTB) by 45.8% in the first quarter, Holdings Channel.com reports. The firm owned 33,473 shares of the bank’s stock after selling 28,300 shares during the quarter. Renaissance Technologies LLC’s holdings in NBT Bancorp were worth $1,425,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in shares of NBT Bancorp by 1,645.9% during the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after buying an additional 609 shares in the last quarter. Larson Financial Group LLC lifted its stake in NBT Bancorp by 13,316.7% in the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after acquiring an additional 799 shares in the last quarter. Bessemer Group Inc. lifted its stake in NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after acquiring an additional 324 shares in the last quarter. Global Retirement Partners LLC boosted its position in NBT Bancorp by 62.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after acquiring an additional 399 shares during the last quarter. Finally, Quadrant Capital Group LLC bought a new position in shares of NBT Bancorp during the 4th quarter worth approximately $64,000. Institutional investors own 58.46% of the company’s stock.

Insider Buying and Selling at NBT Bancorp

In related news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the sale, the director owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. This trade represents a 28.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,600 shares of company stock worth $1,064,573 over the last ninety days. Insiders own 2.99% of the company’s stock.

Wall Street Analysts Forecast Growth

NBTB has been the topic of a number of recent research reports. Piper Sandler lifted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. DA Davidson raised their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Finally, Hovde Group reduced their price objective on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research note on Monday, April 27th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.10.

NBT Bancorp Price Performance

NASDAQ:NBTB opened at $53.41 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $50.27 and its two-hundred day moving average price is $46.32. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 13.06 and a beta of 0.48. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 27th. The bank reported $1.01 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 business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. On average, analysts anticipate that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business 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. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 1st. NBT Bancorp’s dividend payout ratio is presently 36.19%.

About NBT Bancorp

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.