Asset Dedication LLC Cuts Stock Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

Asset Dedication LLC cut its holdings in NBT Bancorp Inc. (NASDAQ:NBTB) by 18.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,640 shares of the bank’s stock after selling 1,504 shares during the quarter. Asset Dedication LLC’s holdings in NBT Bancorp were worth $317,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of NBT Bancorp by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock worth $49,477,000 after purchasing an additional 10,628 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of NBT Bancorp by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 585,636 shares of the bank’s stock valued at $25,903,000 after acquiring an additional 7,294 shares during the last quarter. Eagle Asset Management Inc. grew its stake in shares of NBT Bancorp by 76.3% in the third quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after acquiring an additional 163,952 shares during the period. Ceredex Value Advisors LLC raised its holdings in shares of NBT Bancorp by 40.9% during the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock valued at $13,680,000 after purchasing an additional 89,800 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in NBT Bancorp during the fourth quarter valued at approximately $12,007,000. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Stephens upgraded NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective for the company in a research report on Wednesday. StockNews.com cut NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, DA Davidson began coverage on shares of NBT Bancorp in a research note on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, NBT Bancorp has an average rating of “Moderate Buy” and a consensus target price of $51.75.

NBT Bancorp Price Performance

Shares of NBT Bancorp stock opened at $47.02 on Thursday. The stock’s fifty day moving average is $48.77 and its 200 day moving average is $47.01. NBT Bancorp Inc. has a one year low of $32.79 and a one year high of $52.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $2.22 billion, a P/E ratio of 16.56 and a beta of 0.53.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, January 27th. The bank reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period in the previous year, the firm earned $0.72 EPS. Sell-side analysts anticipate that NBT Bancorp Inc. will post 2.95 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.34 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.89%. NBT Bancorp’s dividend payout ratio (DPR) is presently 45.95%.

Insider Activity at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 10,000 shares of NBT Bancorp stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $49.40, for a total transaction of $494,000.00. Following the sale, the director now owns 125,301 shares in the company, valued at $6,189,869.40. This trade represents a 7.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy E. Delaney sold 40,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $51.47, for a total transaction of $2,058,800.00. Following the transaction, the director now owns 38,853 shares of the company’s stock, valued at approximately $1,999,763.91. This represents a 50.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,694 shares of company stock worth $3,139,185. 3.32% of the stock is owned by corporate insiders.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.