Jack H. Webb, a director at NBT Bancorp Inc . (NASDAQ:NBTB), recently sold 10,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $50.0567 per share, totaling approximately $500,567. After the transaction, Webb holds 45,018 shares directly. Additionally, Webb's spouse holds 217 shares indirectly. The sale occurred on November 22, 2024, and was executed by Annette L. Burns, acting under power of attorney for Webb.
In other recent news, NBT Bancorp reported a strong financial performance in the third quarter of 2024, with net income rising to $38.1 million, marking a significant increase from the previous quarter. The company also declared a quarterly cash dividend of $0.34, up 6.3% year-over-year. In addition, NBT Bancorp announced a merger with Evans Bancorp (NYSE:EVBN), which is expected to extend its market reach into Buffalo and Rochester, contingent on regulatory approvals.
In further developments, total loans saw an increase of $256 million, with significant growth noted in commercial and residential lending, while deposits grew to $11.6 billion. The company is also preparing to support Micron Technology (NASDAQ:MU)'s upcoming $100 billion project in Clay, NY. However, operating expenses increased to $95.7 million, primarily due to higher salaries and technology investments.
The merger with Evans Bancorp is projected to close in the second quarter of 2025, which will expand NBT Bancorp's footprint. Despite a slight decline in reserves and an increase in operating expenses, analysts anticipate stability and potential growth in portfolios into 2025. These are among the latest developments for NBT Bancorp.
InvestingPro Insights
The recent insider sale by Jack H. Webb at NBT Bancorp Inc. (NASDAQ:NBTB) comes at a time when the company's stock is trading near its 52-week high, with a price that is 98.36% of its peak. This aligns with an InvestingPro Tip indicating that NBTB is "Trading near 52-week high." The stock has shown remarkable strength, with a 15.76% return over the last month and an impressive 38.5% return over the past six months.
NBTB's financial health appears robust, with a market capitalization of $2.44 billion and a P/E ratio of 18.1, suggesting a reasonable valuation relative to earnings. The company's revenue growth of 10.23% over the last twelve months and a strong operating income margin of 35.71% demonstrate solid operational performance.
Investors may find NBTB's dividend profile particularly attractive. An InvestingPro Tip highlights that the company "Has raised its dividend for 12 consecutive years" and "Has maintained dividend payments for 39 consecutive years." With a current dividend yield of 2.7% and a dividend growth rate of 6.25% over the last twelve months, NBTB offers a compelling case for income-focused investors.
For those interested in a deeper analysis, InvestingPro offers 10 additional tips for NBTB, providing a more comprehensive view of the company's financial health and market position.
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