NBT Bancorp Inc. (NASDAQ:NBTB) Announces $0.34 Quarterly Dividend

by · The Cerbat Gem

NBT Bancorp Inc. (NASDAQ:NBTB – Get Free Report) declared a quarterly dividend on Tuesday, May 20th, RTT News reports. Shareholders of record on Monday, June 2nd will be given a dividend of 0.34 per share by the bank on Monday, June 16th. This represents a $1.36 annualized dividend and a yield of 3.22%. The ex-dividend date is Monday, June 2nd.

NBT Bancorp has increased its dividend by an average of 6.3% per year over the last three years and has raised its dividend every year for the last 12 years. NBT Bancorp has a dividend payout ratio of 32.2% meaning its dividend is sufficiently covered by earnings. Analysts expect NBT Bancorp to earn $4.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 30.9%.

NBT Bancorp Trading Down 3.2%

NBTB stock opened at $42.30 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. NBT Bancorp has a twelve month low of $34.47 and a twelve month high of $52.44. The company has a market cap of $2.00 billion, a P/E ratio of 14.29 and a beta of 0.58. The business has a fifty day moving average of $42.03 and a 200-day moving average of $45.98.

NBT Bancorp (NASDAQ:NBTB – Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.04. The business had revenue of $155.31 million for the quarter, compared to analyst estimates of $151.00 million. NBT Bancorp had a net margin of 17.84% and a return on equity of 9.39%. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, equities research analysts expect that NBT Bancorp will post 3.69 EPS for the current year.

Wall Street Analysts Forecast Growth

NBTB has been the topic of several research analyst reports. Hovde Group began coverage on NBT Bancorp in a research note on Friday, March 21st. They set a “market perform” rating and a $50.00 price objective on the stock. DA Davidson dropped their price target on NBT Bancorp from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. 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, January 29th. Finally, StockNews.com cut NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, NBT Bancorp currently has a consensus rating of “Hold” and a consensus target price of $52.75.

View Our Latest Stock Analysis on NBT Bancorp

Insiders Place Their Bets

In other NBT Bancorp news, Director Heidi M. Hoeller purchased 2,553 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average cost of $43.21 per share, with a total value of $110,315.13. Following the completion of the transaction, the director now owns 8,990 shares in the company, valued at $388,457.90. The trade was a 39.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.03% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after acquiring an additional 1,197 shares during the period. AQR Capital Management LLC raised its position in NBT Bancorp by 45.0% during the first quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock valued at $585,000 after purchasing an additional 4,231 shares in the last quarter. Royal Bank of Canada lifted its stake in NBT Bancorp by 22.3% during the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock worth $1,729,000 after purchasing an additional 7,349 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of NBT Bancorp by 15.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock valued at $7,102,000 after purchasing an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of NBT Bancorp by 1,188.4% in the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after purchasing an additional 81,432 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

About NBT Bancorp

(Get Free Report)

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.

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