John H. Watt Jr., a director at NBT Bancorp Inc . (NASDAQ:NBTB), recently sold a significant portion of the company's common stock. According to a filing with the Securities and Exchange Commission, Watt sold 10,000 shares on November 15, 2024, at an average price of $49.4047 per share, totaling approximately $494,047. This transaction leaves Watt with direct ownership of 125,301 shares. Additionally, he holds 6,156.128 shares indirectly through a 401(k) plan.
The sale price for the shares ranged between $49.00 and $49.855, as noted in the filing. Such transactions by company insiders, like directors, are closely watched by investors for potential insights into the company's financial health and future prospects.
In other recent news, NBT Bancorp reported a strong third quarter in 2024, with net income rising to $38.1 million, up from the previous quarter. This increase was accompanied by a growth in total loans and deposits, with the latter reaching $11.6 billion. The company also declared a quarterly cash dividend of $0.34, marking a 6.3% increase year-over-year.
NBT Bancorp also announced its merger with Evans Bancorp (NYSE:EVBN), which is anticipated to close in the second quarter of 2025. This merger aims to extend the company's market reach into Buffalo and Rochester, pending regulatory approvals.
Furthermore, NBT Bancorp is preparing to support Micron Technology (NASDAQ:MU)'s upcoming $100 billion project in Clay, NY. However, the company has observed an increase in operating expenses, primarily due to higher salaries and technology investments. Despite the increase in expenses, the company's net interest margin improved to 3.27%, reflecting higher asset yields. These recent developments indicate a period of growth and expansion for NBT Bancorp.
InvestingPro Insights
NBT Bancorp Inc. (NASDAQ:NBTB) has shown strong performance recently, with InvestingPro data revealing a 30.81% price total return over the past six months. This aligns with the recent stock sale by director John H. Watt Jr., potentially indicating a favorable market valuation.
The company's financial health appears robust, with a market capitalization of $2.34 billion and a P/E ratio of 17.17, suggesting a reasonable valuation relative to earnings. NBT Bancorp's commitment to shareholder value is evident through its dividend history. InvestingPro Tips highlight that the company has maintained dividend payments for 39 consecutive years and has raised its dividend for 12 consecutive years. This consistent dividend policy, coupled with a current dividend yield of 2.76%, may be attractive to income-focused investors.
Revenue growth is also noteworthy, with a 10.23% increase over the last twelve months and a more impressive 17.98% growth in the most recent quarter. This growth trajectory, combined with the fact that three analysts have revised their earnings upwards for the upcoming period, suggests a positive outlook for NBT Bancorp.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for NBT Bancorp, providing a deeper understanding of the company's financial position and market performance.
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