In a recent transaction, John H. Watt Jr., a director at NBT Bancorp Inc . (NASDAQ:NBTB), sold 20,000 shares of the company's common stock. The shares were sold at an average price of $45.4535 per share, amounting to a total transaction value of approximately $909,070. Following this sale, Watt retains direct ownership of 143,101 shares in the company. Additionally, he holds 6,156.128 shares indirectly through a 401(k) plan.
In other recent news, NBT Bancorp showcased a strong financial performance in its Q3 2024 Earnings Call. The company reported net income of $38.1 million, marking a significant increase from the previous quarter. This robust growth was accompanied by a merger announcement with Evans Bancorp (NYSE:EVBN), a move expected to expand NBT Bancorp's market reach into Buffalo and Rochester, pending regulatory approvals.
Other key highlights include a record high tangible book value per share at $23.83, and an improved net interest margin at 3.27%. The company also declared a quarterly cash dividend of $0.34, up by 6.3% year-over-year. Moreover, NBT Bancorp is preparing to support Micron Technology (NASDAQ:MU)'s forthcoming $100 billion project in Clay, NY.
However, it's worth noting that operating expenses rose to $95.7 million, primarily due to higher salaries and technology investments. Analyst Matthew Breese expressed concerns about a slight decline in reserves, which Annette Burns confirmed may continue into 2025 but is expected to stabilize. These are among the recent developments that investors may want to consider.
InvestingPro Insights
While John H. Watt Jr.'s recent sale of 20,000 shares in NBT Bancorp Inc. (NASDAQ:NBTB) might raise eyebrows, a closer look at the company's financial metrics and market performance reveals a more nuanced picture.
According to InvestingPro data, NBT Bancorp boasts a market capitalization of $2.14 billion and a price-to-earnings ratio of 15.79, suggesting a relatively modest valuation compared to some peers in the banking sector. The company's revenue growth is noteworthy, with a 10.23% increase over the last twelve months and an impressive 17.98% growth in the most recent quarter.
InvestingPro Tips highlight that NBT Bancorp has maintained dividend payments for 39 consecutive years and has raised its dividend for 12 consecutive years. This consistent dividend history, coupled with a current dividend yield of 2.99%, underscores the company's commitment to shareholder returns. The stock has also seen a significant price uptick over the last six months, with a total return of 31.92% during that period.
These positive indicators are further supported by analysts' optimism, with InvestingPro Tips noting that three analysts have revised their earnings upwards for the upcoming period. The company's profitability over the last twelve months and analysts' predictions of continued profitability this year add to the positive outlook.
It's worth noting that InvestingPro offers 8 additional tips for NBT Bancorp, providing investors with a more comprehensive analysis of the company's prospects. For those seeking a deeper dive into NBT Bancorp's financial health and market position, exploring these additional insights could prove valuable in making informed investment decisions.
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