Amy Wiles, the EVP, Chief Risk and Credit Officer of NBT Bancorp Inc . (NASDAQ:NBTB), sold 641 shares of the company's common stock on March 15, 2024, for a total transaction value of $21,550. The shares were sold at a price of $33.62 each. Following the sale, Wiles's direct holdings in the company decreased to 21,934 shares.
Additionally, on March 18, Wiles was awarded 2,966 restricted stock units (RSUs) under the NBT Bancorp Inc. Omnibus Performance Unit Agreement. These awards are part of a performance-based incentive plan for a select group of management and vest one year following the end of the performance period. The RSUs were granted at no cost to the executive, thus having a transaction total of $0.
The transactions were disclosed in a filing with the Securities and Exchange Commission and reflect the ongoing trading activities of NBT Bancorp's executives. It is not uncommon for executives to sell or receive shares based on their compensation agreements, and such activities are regularly reported to the SEC for transparency and compliance purposes.
Investors and stakeholders often monitor these filings to gain insight into the actions of a company's insiders, which can include buying or selling stock, as well as the awarding of stock options or other equity-related incentives. These transactions provide a window into the confidence levels that executives may have in their company's current and future performance.
NBT Bancorp Inc., headquartered in Norwich, New York, operates as a financial services company through its subsidiaries, offering commercial banking and financial services to individuals, corporations, and municipalities.
InvestingPro Insights
Amidst the recent insider trading activities, NBT Bancorp Inc. (NASDAQ:NBTB) presents a mixed bag of financial data and market performance. According to InvestingPro data, the company has a market capitalization of $1.59 billion and is trading with a Price/Earnings (P/E) ratio of 12.6, slightly below the adjusted P/E ratio for the last twelve months as of Q4 2023, which stands at 12.53. This indicates a relatively stable valuation over recent periods.
InvestingPro Tips reveal a long-term commitment to shareholders, with NBT Bancorp having raised its dividend for 11 consecutive years, and impressively, maintained dividend payments for 39 consecutive years. This consistency in rewarding investors is a testament to the company's financial health and management's confidence in its operations. Additionally, the company's dividend yield as of the latest data point stands at 3.77%, with a dividend growth of 6.67% over the last twelve months, signaling a robust income investment opportunity.
However, it's not all positive news. The company has seen a significant price drop over the last three months, with a 3-month price total return of -16.58%. This could be a reflection of the six analysts who have revised their earnings downwards for the upcoming period, indicating potential concerns over future profitability. Yet, it's worth noting that analysts predict the company will be profitable this year, and it has indeed been profitable over the last twelve months. These insights suggest that while the company faces challenges, its long-term stability and profitability may still make it an attractive investment.
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