Fri Sep 20 08:12:57 UTC 2024: ## Edgestream Partners L.P. Invests in NBT Bancorp, Boosting Institutional Interest
**New York, NY** – Edgestream Partners L.P. has announced a new investment in NBT Bancorp Inc. (NASDAQ:NBTB), purchasing 51,140 shares valued at approximately $1,974,000 in the second quarter. This represents roughly 0.11% ownership of the bank at the end of the quarter.
The news follows a trend of increased institutional activity in NBT Bancorp, with several other investors making notable moves in recent months. Register Financial Advisors LLC, Union Savings Bank, SG Americas Securities LLC, B. Riley Wealth Advisors Inc., and ProShare Advisors LLC all acquired or increased their holdings in the company during the first quarter. Overall, hedge funds and institutional investors now own 58.46% of NBT Bancorp’s stock.
Analyst sentiment on NBT Bancorp remains mixed. Stephens reaffirmed an “equal weight” rating with a $49.00 price target, while Raymond James downgraded the stock from “outperform” to “market perform.” The average analyst rating stands at “Hold,” with a consensus price target of $42.60.
Recent insider transactions have also been noteworthy. EVP Martin Randolph Sparks sold 1,000 shares on September 12th, and EVP Amy Wiles sold 556 shares on September 16th. In the past 90 days, insiders have sold a total of 101,556 shares worth $4,527,790, representing 3.32% of the company’s stock.
NBT Bancorp’s stock opened at $46.15 on Friday, with a market cap of $2.18 billion. The company’s recent quarterly earnings, released on July 22nd, showed earnings per share of $0.69, slightly missing analyst expectations. NBT Bancorp has also recently increased its quarterly dividend to $0.34, representing a 2.95% yield.
Overall, the recent activity surrounding NBT Bancorp signals ongoing interest from both institutional investors and analysts. The company’s dividend increase and consistent financial performance provide further support for its investment potential.
First Piper 