Principal Financial Group Inc. Sells 10,163 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

Principal Financial Group Inc. decreased its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 4.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,304 shares of the bank’s stock after selling 10,163 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of NBT Bancorp worth $9,833,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in shares of NBT Bancorp by 540.2% in the 2nd quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock worth $27,147,000 after buying an additional 593,436 shares during the period. Bank of New York Mellon Corp lifted its stake in NBT Bancorp by 36.7% in the second quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock worth $24,307,000 after acquiring an additional 169,180 shares during the period. Deprince Race & Zollo Inc. grew its holdings in NBT Bancorp by 14.9% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock worth $31,978,000 after acquiring an additional 107,404 shares in the last quarter. Ceredex Value Advisors LLC increased its position in NBT Bancorp by 40.9% during the 3rd 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 period. Finally, Russell Investments Group Ltd. raised its holdings in shares of NBT Bancorp by 978.7% in the 1st quarter. Russell Investments Group Ltd. now owns 90,457 shares of the bank’s stock valued at $3,318,000 after purchasing an additional 82,071 shares in the last quarter. Institutional investors own 58.46% of the company’s stock.

Insider Activity

In other news, Director Timothy E. Delaney sold 40,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $51.47, for a total transaction of $2,058,800.00. Following the completion of the sale, the director now owns 38,853 shares of the company’s stock, valued at $1,999,763.91. The trade was a 50.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John H. Watt, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $49.40, for a total transaction of $494,000.00. Following the completion of the transaction, the director now directly owns 125,301 shares in the company, valued at $6,189,869.40. This represents a 7.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 172,556 shares of company stock worth $8,039,690 in the last ninety days. Company insiders own 3.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NBTB. Stephens restated an “equal weight” rating and set a $49.00 price objective on shares of NBT Bancorp in a research note on Tuesday, September 10th. Raymond James lowered shares of NBT Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. Finally, StockNews.com raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.60.

NBT Bancorp Stock Down 0.7 %

NASDAQ:NBTB opened at $48.93 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The company’s fifty day moving average price is $45.35 and its 200-day moving average price is $42.78. NBT Bancorp Inc. has a 1-year low of $32.79 and a 1-year high of $51.93. The firm has a market capitalization of $2.31 billion, a P/E ratio of 17.35 and a beta of 0.49.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, October 28th. The bank reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. The firm had revenue of $202.00 million for the quarter, compared to the consensus estimate of $144.70 million. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. During the same quarter in the prior year, the business earned $0.84 earnings per share. As a group, equities research analysts anticipate that NBT Bancorp Inc. will post 2.91 EPS for the current year.

NBT Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Monday, December 2nd. NBT Bancorp’s payout ratio is currently 47.89%.

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.