Louisiana State Employees Retirement System Reduces Holdings in NBT Bancorp Inc.

The Louisiana State Employees Retirement System has decided to decrease its investment in NBT Bancorp Inc. (NASDAQ:NBTB) by 3.8% during the third quarter, as stated in its recent Form 13F filing with the Securities and Exchange Commission (SEC). After selling 900 shares during this period, the retirement system now holds 22,800 shares of the bank’s stock.

As of the end of the latest quarter, these holdings were valued at approximately $1,008,000.

Other institutional investors have also made changes to their positions in NBT Bancorp. Notably, BNP Paribas Financial Markets increased its stake by 51.8% in the first quarter, acquiring an additional 7,831 shares to reach a total of 22,962 shares worth around $842,000. Similarly, the Texas Permanent School Fund Corp raised its holdings by 1.3%, now owning 41,211 shares valued at $1,512,000 after adding 534 shares to its portfolio.

Inspire Investing LLC increased its investment in NBT Bancorp by 6.9%, obtaining 634 more shares totaling 9,759 shares valued at $358,000. Additionally, Russell Investments Group Ltd. made significant moves by expanding its stake by 978.7%, now possessing 90,457 shares worth approximately $3,318,000 after adding 82,071 shares. In total, institutional investors hold about 58.46% of the company’s stock.

Insider Transactions at NBT Bancorp

In related news regarding insider activity at NBT Bancorp, Director V. Daniel Robinson II sold 20,000 shares on September 11th at an average price of $44.10, resulting in a transaction valued at $882,000. Post-sale, Robinson's ownership stands at 517,558 shares with a valuation of about $22,824,308. This sale did not affect the percentage of his ownership.

Moreover, Executive Vice President Martin Randolph Sparks sold 1,000 shares on September 12th for $48.37 each, totaling $48,370. Following this transaction, Sparks owns 15,003 shares worth approximately $725,695. The activity involving insiders resulted in a total of 121,556 shares sold over the last three months, summing up to $5,436,790 in value, while insiders own about 3.32% of total shares.

Market Analyst Opinions

Several analysts have recently shared their views on NBT Bancorp. Stephens reiterated a "hold" rating while setting a target price of $49.00 in a report dated September 10th. Meanwhile, StockNews.com upgraded its rating from "sell" to "hold" on October 30th. Raymond James, however, downgraded NBT Bancorp from an "outperform" rating to a "market perform" rating on July 24th. Currently, the average rating for NBT Bancorp shares is "Hold," with a consensus target price of $42.60.

Recent Trading Data for NBT Bancorp

The trading price for NBT Bancorp opened at $44.56 on Monday. The company has a debt-to-equity ratio of 0.17, with a current ratio of 0.87 and a quick ratio of 0.86. The stock has fluctuated between a 52-week low of $32.79 and a high of $50.83, and it boasts a market capitalization of $2.10 billion and a price-to-earnings (P/E) ratio of 15.69.

NBT Bancorp recently released its quarterly earnings report indicating an earnings per share (EPS) of $0.80, surpassing analysts' expectations of $0.78. The bank reported revenue of $202 million for the quarter compared to the anticipated $144.7 million, highlighting a return on equity of 9.36% and a net margin of 17.37%. Analysts predict an EPS of 2.89 for the current fiscal year.

Dividend Information

Furthermore, NBT Bancorp has announced a quarterly dividend which is set to be paid on December 16th. Shareholders on record as of December 2nd will receive a dividend of $0.34 per share, which amounts to an annualized dividend of $1.36, reflecting a yield of 3.05%. The ex-dividend date is scheduled for December 2nd, and the company's current payout ratio stands at 47.89%.

About NBT Bancorp Inc.

NBT Bancorp Inc. is a financial holding company that offers various services such as commercial and retail banking along with wealth management. The company provides deposit products, including savings accounts, money market accounts, and certificates of deposit, as well as a diverse loan portfolio spanning consumer, mortgage, and commercial loans.

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