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NORWICH, N.Y.—V. Daniel Robinson II, a director at NBT Bancorp Inc . (NASDAQ:NBTB), has sold 194 shares of common stock, according to a recent SEC filing. The regional bank's stock has shown remarkable strength, trading near its 52-week high of $52.30 and delivering a 45.75% return over the past six months. The shares were sold at an average price of $51.70 each, totaling approximately $10,030. Following the transaction, Robinson holds 18,848.63 shares directly. Additionally, there are 387,558 shares held indirectly by a corporation. The $2.43 billion market cap company maintains a solid 2.63% dividend yield and has raised its dividend for 12 consecutive years. According to InvestingPro analysis, the stock is currently trading near its Fair Value, with 7 more exclusive insights available to subscribers.
In other recent news, NBT Bancorp delivered robust financial growth in Q3 2024, with its net income surging to $38.1 million, a substantial increase from the preceding quarter. The company's total loans saw a significant rise of $256 million, attributed to growth in commercial and residential lending. Deposits also experienced growth, reaching $11.6 billion, a $619.3 million rise since December 2023. The net interest margin also improved to 3.27%, reflecting higher asset yields.
NBT Bancorp also announced a merger plan with Evans Bancorp (NYSE:EVBN). Subject to regulatory approvals, this merger is expected to extend its market presence into Buffalo and Rochester. On the analyst front, DA Davidson initiated coverage on NBT Bancorp shares with a Neutral rating and set a price target of $60. The analyst highlighted the company's strong fee income and low-risk credit culture as key factors in its valuation.
Moreover, NBT Bancorp's strategic moves in mergers and acquisitions are seen as strengthening its position in the "Chip Corridor". These activities are anticipated to drive the bank's above-peer earnings per share growth, projected at 15% year-over-year in 2025 and 24% in 2026, according to DA Davidson. These recent developments underscore NBT Bancorp's commitment to growth and profitability.
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