Amy Wiles, Executive Vice President and Chief Risk and Credit Officer at NBT Bancorp Inc . (NASDAQ:), a $2.4 billion market cap regional bank, recently executed a stock sale. According to a recent SEC filing, Wiles sold 500 shares of NBT Bancorp’s common stock on December 13, 2024, at an average price of $51.3102 per share, totaling approximately $25,655. The transaction comes as the stock trades near its 52-week high of $52.30, having delivered an impressive 48% return over the past six months. InvestingPro analysis indicates the stock is currently fairly valued, with additional insights available in the comprehensive Pro Research Report. Following this transaction, Wiles holds 27,409 shares in the company. The sale was conducted under her direct ownership. NBT Bancorp has maintained dividend payments for 39 consecutive years, with 12 straight years of dividend increases, demonstrating strong shareholder commitment.
In other recent news, NBT Bancorp reported strong financial growth in its Q3 2024, with a net income of $38.1 million, a significant increase from the previous quarter. The company also announced plans for a merger with Evans Bancorp (NYSE:), a move that is expected to extend its market presence into Buffalo and Rochester. In relation to this merger, NBT Bancorp and Evans Bancorp have supplemented proxy materials to address concerns raised by purported Evans shareholders, maintaining that existing disclosures comply with legal requirements.
DA Davidson initiated coverage on NBT Bancorp shares with a Neutral rating and a price target of $60.00, highlighting the company’s strong fee income and low-risk credit culture. The firm also pointed out that NBT Bancorp is poised to benefit from regional manufacturing growth in upstate New York, which is expected to gain momentum due to in-sourcing trends and the CHIPS Act.
In terms of financial highlights, NBT Bancorp saw a rise in net income by $5.4 million, a record high tangible book value per share of $23.83, and significant growth in commercial and residential lending resulting in total loans increasing by $256 million. The company declared a quarterly cash dividend of $0.34, up 6.3% year-over-year, and announced its involvement in supporting Micron Technology (NASDAQ:)’s upcoming $100 billion project in Clay, NY. These recent developments mark a period of solid growth and strategic moves for NBT Bancorp.
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