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

The New York State Teachers Retirement System has reduced its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 2.0% during the third quarter of the year, as reported in its latest filing with the Securities and Exchange Commission. After selling 800 shares during this period, the New York State Teachers Retirement System now owns 39,876 shares of the bank's stock, which are valued at approximately $1,764,000.

Other institutional investors have also made adjustments to their stakes in NBT Bancorp recently. For example, GAMMA Investing LLC increased its holdings by 47.9%, now owning 778 shares worth around $34,000 after acquiring an additional 252 shares. Additionally, SG Americas Securities LLC entered a new position in NBT Bancorp in the first quarter, valued at about $178,000, while AQR Capital Management LLC purchased a stake in the second quarter for approximately $214,000. Union Savings Bank also boosted its holdings by 45.1%, bringing its total to 7,026 shares valued at around $271,000. Lastly, B. Riley Wealth Advisors Inc. acquired a new position worth about $332,000 during the first quarter. Overall, hedge funds and institutional investors collectively own 58.46% of NBT Bancorp's stock.

Insider Transactions

In related news, it has been reported that Director V Daniel Robinson II sold 20,000 shares of NBT Bancorp on September 11th, at an average price of $44.10, resulting in a total transaction value of $882,000. Following this sale, Robinson holds 517,558 shares valued at approximately $22,824,307.80. This sale resulted in a negligible change in his ownership. The details of this transaction were disclosed in a filing with the Securities and Exchange Commission.

Additionally, EVP Martin Randolph Sparks sold 1,000 shares on September 12th at an average price of $48.37, totaling $48,370. After this, Sparks holds 15,003 shares valued at around $725,695.11. Over the previous quarter, insiders sold a total of 122,556 shares worth $5,486,890, and insiders currently own approximately 3.32% of the company's stock.

Stock Performance Overview

As of Friday, NBT Bancorp's shares opened at $49.39. The company has a debt-to-equity ratio of 0.17, alongside a quick and current ratio of 0.87. It has a market capitalization of $2.33 billion, a price-to-earnings (P/E) ratio of 17.39, and a beta of 0.49. Over the past year, the stock has seen a low of $32.79 and a high of $51.22.

NBT Bancorp's most recent earnings report was released on October 28th, showing an earnings per share (EPS) of $0.80 for the quarter, exceeding analysts' estimates of $0.78 by $0.02. The company generated revenues of $202 million for the quarter, while the consensus estimate was $144.7 million. With a net margin of 17.37% and a return on equity of 9.36%, the company posted an EPS of $0.84 during the same quarter last year. Analysts anticipate that NBT Bancorp will report an EPS of 2.91 for the current fiscal year.

Dividend Announcement

NBT Bancorp has also recently announced a quarterly dividend of $0.34 per share, to be paid on December 16th to shareholders registered by December 2nd. This reflects a total annualized dividend of $1.36, resulting in a yield of 2.75%. The company’s payout ratio stands at 47.89%.

Analysts' Opinions

Several analysts have provided their assessments on NBT Bancorp's stock. Raymond James downgraded the stock from an “outperform” rating to “market perform” on July 24th. Stephens maintained an “equal weight” rating with a price target of $49.00 as of September 10th. StockNews.com also upgraded NBT Bancorp from a “sell” to a “hold” rating on October 30th. Currently, four analysts have given the stock a hold rating, while two have issued buy ratings, indicating an average rating of “Hold” with a target price of $42.60.

Company Overview

NBT Bancorp Inc. is a financial holding company that provides various banking services, including commercial banking, retail banking, and wealth management. Its deposit products include demand deposits, savings accounts, and certificates of deposit. The loan portfolio features consumer loans, mortgages, business loans, and more.

New York, retirement, bancorp, investors, stocks