Connor Clark & Lunn Investment Management Ltd. Invests $342,000 in NBT Bancorp Inc. (NASDAQ:NBTB)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,734 shares of the bank’s stock, valued at approximately $342,000.

Several other hedge funds also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in shares of NBT Bancorp by 2.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,297,333 shares of the bank’s stock valued at $88,675,000 after purchasing an additional 46,498 shares during the period. Deprince Race & Zollo Inc. boosted its position in NBT Bancorp by 14.9% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock valued at $31,978,000 after buying an additional 107,404 shares during the period. Victory Capital Management Inc. boosted its position in NBT Bancorp by 540.2% in the 2nd quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock valued at $27,147,000 after buying an additional 593,436 shares during the period. Bank of New York Mellon Corp grew its stake in NBT Bancorp by 36.7% in the 2nd 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 in the last quarter. Finally, Ceredex Value Advisors LLC increased its position 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 worth $13,680,000 after acquiring an additional 89,800 shares during the period. Institutional investors own 58.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. StockNews.com cut NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Stephens reiterated an “equal weight” rating and issued a $49.00 target price on shares of NBT Bancorp in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, NBT Bancorp has an average rating of “Hold” and a consensus target price of $42.60.

Insider Activity at NBT Bancorp

In related news, Director Jack H. Webb sold 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $50.06, for a total transaction of $500,600.00. Following the transaction, the director now directly owns 45,018 shares of the company’s stock, valued at $2,253,601.08. This represents a 18.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy E. Delaney sold 40,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $51.47, for a total value 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 approximately $1,999,763.91. This trade represents a 50.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 182,556 shares of company stock valued at $8,540,290 over the last 90 days. Insiders own 3.32% of the company’s stock.

NBT Bancorp Stock Up 0.1 %

Shares of NASDAQ NBTB opened at $50.12 on Friday. NBT Bancorp Inc. has a 12-month low of $32.79 and a 12-month high of $52.31. The stock’s fifty day simple moving average is $46.30 and its two-hundred day simple moving average is $43.61. The stock has a market capitalization of $2.36 billion, a PE ratio of 17.65 and a beta of 0.49. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The company 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 last year, the company earned $0.84 earnings per share. As a group, analysts expect that NBT Bancorp Inc. will post 2.91 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.36 annualized dividend and a dividend yield of 2.71%. NBT Bancorp’s dividend payout ratio (DPR) is presently 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.