Timothy E. Delaney, a director at NBT Bancorp Inc . (NASDAQ:NBTB), has sold 40,000 shares of the company's common stock. The shares were sold at an average price of $51.4737, totaling approximately $2.06 million. Following this transaction, Delaney holds 38,853 shares directly.
The sale was executed on November 11, 2024, as disclosed in a recent SEC filing. The transaction did not involve any equity swaps. Additionally, Delaney's indirect holdings, under his spouse's custodianship, remain at 8.701 shares.
In other recent news, NBT Bancorp showcased a strong financial performance in its third quarter 2024 earnings call, reporting a net income of $38.1 million, a significant increase from the previous quarter. The company also declared a quarterly cash dividend of $0.34, marking a 6.3% rise year-over-year. A notable development is the planned merger with Evans Bancorp (NYSE:EVBN), which aims to extend NBT Bancorp's market footprint into Buffalo and Rochester, subject to regulatory approvals.
The company's total loans saw an increase of $256 million, with a marked growth in commercial and residential lending. Deposits also grew to $11.6 billion, a rise of $619.3 million since December 2023. The net interest margin improved to 3.27%, reflecting higher asset yields.
In other developments, NBT Bancorp is gearing up to support Micron Technology (NASDAQ:MU)'s upcoming $100 billion project in Clay, NY. However, operating expenses rose to $95.7 million, primarily due to increased salaries and technology investments. The loan loss provision was recorded at $2.9 million, with stable non-performing assets. These are the noteworthy recent developments for NBT Bancorp.
InvestingPro Insights
NBT Bancorp Inc. (NASDAQ:NBTB) has been showing strong performance, as evidenced by the recent insider sale and supported by data from InvestingPro. The company's stock is trading near its 52-week high, with a significant price uptick of 37.09% over the last six months and an impressive 51.31% total return over the past year.
InvestingPro data reveals that NBT Bancorp has a market capitalization of $2.42 billion and a P/E ratio of 17.85, suggesting a reasonable valuation relative to its earnings. The company's revenue growth is noteworthy, with a 17.98% increase in the most recent quarter, indicating robust business expansion.
Two key InvestingPro Tips highlight NBT Bancorp's shareholder-friendly policies. The company has maintained dividend payments for 39 consecutive years and has raised its dividend for 12 consecutive years. This consistent dividend history, coupled with a current dividend yield of 2.69%, underscores the company's commitment to returning value to shareholders.
These insights provide context to Director Delaney's recent stock sale, suggesting that while insiders may be taking profits, the company's fundamentals remain strong. For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for NBT Bancorp, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.