Comerica Bank Reduces Stake in NBT Bancorp Inc. (NBTB)

Comerica Bank lowered its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,512 shares of the bank’s stock after selling 2,543 shares during the period. Comerica Bank owned approximately 0.10% of NBT Bancorp worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Miles Capital Inc. raised its holdings in shares of NBT Bancorp by 0.3% during the first quarter. Miles Capital Inc. now owns 6,953 shares of the bank’s stock valued at $258,000 after purchasing an additional 19 shares during the period. Municipal Employees Retirement System of Michigan raised its holdings in shares of NBT Bancorp by 0.9% during the first quarter. Municipal Employees Retirement System of Michigan now owns 9,860 shares of the bank’s stock valued at $366,000 after purchasing an additional 90 shares during the period. Wells Fargo & Company MN raised its holdings in shares of NBT Bancorp by 0.6% during the first quarter. Wells Fargo & Company MN now owns 40,684 shares of the bank’s stock valued at $1,508,000 after purchasing an additional 225 shares during the period. Texas Permanent School Fund raised its holdings in shares of NBT Bancorp by 1.0% during the second quarter. Texas Permanent School Fund now owns 31,719 shares of the bank’s stock valued at $1,172,000 after purchasing an additional 301 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of NBT Bancorp by 1.8% during the first quarter. Arizona State Retirement System now owns 22,612 shares of the bank’s stock valued at $838,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 49.20% of the company’s stock.

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Several equities analysts have recently weighed in on the stock. Piper Jaffray Companies upgraded shares of NBT Bancorp from an “underweight” rating to a “neutral” rating and set a $35.50 price objective on the stock in a report on Thursday, June 8th. ValuEngine upgraded shares of NBT Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. BidaskClub lowered shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $38.50 price objective on shares of NBT Bancorp in a report on Tuesday, July 25th. Finally, Zacks Investment Research upgraded shares of NBT Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Saturday, June 3rd. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $36.00.

Shares of NBT Bancorp Inc. (NBTB) opened at 33.41 on Wednesday. NBT Bancorp Inc. has a 12-month low of $31.28 and a 12-month high of $42.56. The company has a 50 day moving average of $34.08 and a 200-day moving average of $36.74. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 17.96 and a beta of 0.90.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. The company had revenue of $99.93 million during the quarter, compared to analysts’ expectations of $100.91 million. NBT Bancorp had a net margin of 19.68% and a return on equity of 8.81%. During the same period last year, the company posted $0.46 EPS. Analysts predict that NBT Bancorp Inc. will post $1.95 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.23 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.92 annualized dividend and a yield of 2.75%. NBT Bancorp’s dividend payout ratio (DPR) is presently 49.46%.

NBT Bancorp Company Profile

NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.

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Institutional Ownership by Quarter for NBT Bancorp (NASDAQ:NBTB)

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