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

On November 9, 2024, it was reported that the New York State Teachers Retirement System has decreased its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 2.0% during the third quarter of the year. This reduction was revealed in the latest filing made with the Securities and Exchange Commission. As a result, the institutional investor now owns 39,876 shares of NBT Bancorp, having sold 800 shares during the quarter. By the end of the third quarter, the value of these holdings was approximately $1,764,000.

Other institutional investors have also made adjustments to their positions in NBT Bancorp. For instance, GAMMA Investing LLC increased its stake in NBT Bancorp by 47.9% in the same quarter, now owning 778 shares valued at about $34,000 after acquiring an additional 252 shares. SG Americas Securities LLC entered a new position in NBT Bancorp during the first quarter, worth roughly $178,000. Additionally, AQR Capital Management took a new stake during the second quarter valued at around $214,000. Union Savings Bank also raised its holdings by 45.1% in the second quarter, holding 7,026 shares worth $271,000 after buying 2,183 shares. B. Riley Wealth Advisors Inc. has also recently purchased a new position in NBT Bancorp valued at approximately $332,000. In total, hedge funds and other institutional investors collectively own 58.46% of NBT Bancorp’s stock.

Insider Transactions

In related news, on September 11, a director, V Daniel Robinson II, sold 20,000 shares of NBT Bancorp. This transaction occurred at an average price of $44.10, amounting to a total value of $882,000. Following this sale, Robinson holds 517,558 shares of the company, valued at about $22,824,307.80. Meanwhile, on September 12, EVP Martin Randolph Sparks sold 1,000 shares at an average price of $48.37, culminating in a transaction totaling $48,370. After the sale, Sparks owns 15,003 shares, valued at approximately $725,695.11. Over the last quarter, insiders have sold a total of 122,556 shares, valued at $5,486,890, and insiders now hold 3.32% of the company’s stock.

NBT Bancorp's Stock Performance

As of the latest update, shares of NBT Bancorp opened at $49.39. The company sports a debt-to-equity ratio of 0.17, with both its quick and current ratios standing at 0.87. The stock has a 50-day moving average of $45.11 and a 200-day moving average of $42.18, alongside a market capitalization of $2.33 billion. Its price-to-earnings (P/E) ratio is at 17.39, with a beta of 0.49. Over the past year, the stock's value has fluctuated between a low of $32.79 and a high of $51.22.

NBT Bancorp recently announced its third-quarter earnings on October 28, reporting earnings per share (EPS) of $0.80, surpassing analysts' expectations of $0.78 by $0.02. The company generated revenue of $202 million during this quarter, significantly above the consensus estimate of $144.7 million. NBT Bancorp achieved a net margin of 17.37% and a return on equity of 9.36%. Comparatively, the company had reported $0.84 EPS in the same quarter of the previous year. Forecasts indicate NBT Bancorp Inc. will post an EPS of 2.91 for the current fiscal year.

Dividend Announcement

Additionally, NBT Bancorp recently revealed a quarterly dividend that will be distributed on December 16, 2024. Shareholders who are on record as of December 2 will receive a dividend of $0.34 per share. The ex-dividend date is also set for December 2. This translates to an annualized dividend of $1.36, equating to a yield of 2.75%, with a payout ratio of 47.89%.

Analyst Ratings Updates

Various equity research analysts have revised their ratings on NBT Bancorp's stock. Raymond James downgraded the stock from an "outperform" rating to a "market perform" rating. Meanwhile, Stephens reiterated an "equal weight" rating, assigning a price target of $49.00. Moreover, StockNews.com upgraded NBT Bancorp from a “sell” rating to a “hold” rating. Currently, four analysts recommend a hold rating, while two suggest a buy rating, leading to an average rating of “Hold” and a target price of $42.60 from MarketBeat data.

Profile of NBT Bancorp

NBT Bancorp Inc. is a financial holding company that offers various services, including commercial banking, retail banking, and wealth management. Its deposits include demand deposits, savings accounts, money market accounts, and certificates of deposit. The loan portfolio encompasses consumer loans, mortgages, home equity loans, commercial loans, and agricultural loans among other loan types.

NewYork, Finance, Investment