PNC Financial Services Group Inc. Reduces Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

PNC Financial Services Group Inc. trimmed its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 2.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,830 shares of the bank’s stock after selling 1,140 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of NBT Bancorp worth $1,585,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. boosted its stake in NBT Bancorp by 69.9% during the fourth quarter. Blue Trust Inc. now owns 671 shares of the bank’s stock worth $28,000 after buying an additional 276 shares during the period. Asset Dedication LLC purchased a new position in NBT Bancorp during the third quarter worth $37,000. Bare Financial Services Inc purchased a new position in NBT Bancorp during the fourth quarter worth $98,000. Naples Money Management LLC purchased a new position in NBT Bancorp during the fourth quarter worth $156,000. Finally, Ascent Wealth Partners LLC purchased a new position in NBT Bancorp during the fourth quarter worth $204,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on NBTB. Janney Montgomery Scott raised shares of NBT Bancorp from a “neutral” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Thursday, March 21st. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of NBT Bancorp in a research note on Tuesday, April 23rd. Finally, Keefe, Bruyette & Woods lowered their target price on shares of NBT Bancorp from $41.00 to $39.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.20.

NBT Bancorp Stock Performance

NBTB stock opened at $36.20 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average price of $36.23 and a 200 day moving average price of $36.82. The company has a market capitalization of $1.71 billion, a P/E ratio of 13.98 and a beta of 0.52. NBT Bancorp Inc. has a 1-year low of $30.31 and a 1-year high of $43.77.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.01. The firm had revenue of $192.33 million during the quarter, compared to the consensus estimate of $135.01 million. NBT Bancorp had a return on equity of 10.20% and a net margin of 16.71%. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, equities research analysts forecast that NBT Bancorp Inc. will post 2.84 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.32 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.28 annualized dividend and a dividend yield of 3.54%. NBT Bancorp’s payout ratio is currently 49.42%.

Insider Activity at NBT Bancorp

In related news, EVP Sarah A. Halliday sold 1,325 shares of NBT Bancorp stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $35.66, for a total value of $47,249.50. Following the completion of the sale, the executive vice president now directly owns 32,402 shares in the company, valued at $1,155,455.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

NBT Bancorp 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.