JPMorgan Chase & Co. Boosts Stake in NBT Bancorp Inc. $NBTB

JPMorgan Chase & Co. boosted its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 26.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 334,913 shares of the bank’s stock after purchasing an additional 70,594 shares during the period. JPMorgan Chase & Co. owned approximately 0.64% of NBT Bancorp worth $13,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Tudor Investment Corp ET AL purchased a new stake in shares of NBT Bancorp in the third quarter worth approximately $4,886,000. Allworth Financial LP purchased a new position in NBT Bancorp during the 3rd quarter valued at $46,000. CIBC Bancorp USA Inc. purchased a new position in NBT Bancorp during the 3rd quarter valued at $228,000. NewEdge Advisors LLC bought a new position in NBT Bancorp in the 3rd quarter valued at $431,000. Finally, CANADA LIFE ASSURANCE Co grew its position in NBT Bancorp by 2.5% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 49,523 shares of the bank’s stock valued at $2,071,000 after acquiring an additional 1,219 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NBTB. Brean Capital downgraded NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Weiss Ratings raised shares of NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Piper Sandler initiated coverage on shares of NBT Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $50.00 price objective for the company. Janney Montgomery Scott cut shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, February 23rd. Finally, DA Davidson assumed coverage on shares of NBT Bancorp in a research note on Wednesday, February 25th. They issued a “buy” rating and a $54.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.00.

NBT Bancorp Price Performance

Shares of NBTB stock opened at $42.54 on Friday. NBT Bancorp Inc. has a twelve month low of $37.31 and a twelve month high of $46.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $43.64 and a two-hundred day simple moving average of $42.54. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 12.89 and a beta of 0.50.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, January 26th. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $0.99 by $0.06. NBT Bancorp had a return on equity of 10.86% and a net margin of 18.67%.The firm had revenue of $185.14 million for the quarter, compared to analyst estimates of $183.63 million. On average, analysts predict that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a $0.37 dividend. The ex-dividend date was Monday, March 2nd. This represents a $1.48 annualized dividend and a dividend yield of 3.5%. NBT Bancorp’s payout ratio is currently 44.85%.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Timothy E. Delaney acquired 22,730 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, January 28th. The stock was bought at an average price of $42.97 per share, with a total value of $976,708.10. Following the completion of the purchase, the director directly owned 74,615 shares of the company’s stock, valued at approximately $3,206,206.55. This represents a 43.81% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Amy Wiles sold 4,435 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total value of $202,768.20. Following the sale, the executive vice president owned 21,500 shares of the company’s stock, valued at approximately $982,980. This represents a 17.10% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.03% of the stock is currently owned by corporate insiders.

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.