Amy Wiles, Executive Vice President and Chief Risk and Credit Officer at NBT Bancorp Inc . (NASDAQ:NBTB), recently sold a portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Wiles sold 1,000 shares of NBT Bancorp's common stock on November 7, 2024, at a price of $50.10 per share, totaling $50,100. Following this transaction, Wiles retains ownership of 27,909 shares in the company. This sale was executed under direct ownership.
In other recent news, NBT Bancorp has announced a strong financial performance in its third quarter 2024 earnings call. The company reported a net income of $38.1 million, marking an increase from the previous quarter. Additionally, NBT Bancorp revealed plans for a merger with Evans Bancorp (NYSE:EVBN), which is expected to expand its market presence into Buffalo and Rochester, pending regulatory approvals.
In terms of financial highlights, the company's total loans saw an increase of $256 million, with significant growth in commercial and residential lending. Deposits also grew to $11.6 billion, reflecting a $619.3 million increase since December 2023. Furthermore, NBT Bancorp declared a quarterly cash dividend of $0.34, up 6.3% year-over-year.
On the downside, operating expenses rose to $95.7 million, primarily due to higher salaries and technology investments. However, the company is optimistic about its future prospects, including its role in supporting Micron Technology (NASDAQ:MU)'s upcoming $100 billion project in Clay, NY. These recent developments highlight NBT Bancorp's strategic moves to bolster its financial performance and market position.
InvestingPro Insights
Amy Wiles' recent sale of NBT Bancorp Inc. (NASDAQ:NBTB) shares comes at a time when the company's stock is trading near its 52-week high, with the price at 96.45% of its peak. This aligns with one of the InvestingPro Tips, which notes that NBTB is "Trading near 52-week high." The stock's strong performance is further evidenced by its impressive 44.91% total return over the past year.
InvestingPro Data shows that NBT Bancorp has a market capitalization of $2.33 billion and a P/E ratio of 17.18, suggesting a reasonable valuation relative to its earnings. The company's revenue growth of 10.23% over the last twelve months and a robust operating income margin of 35.61% indicate solid financial performance.
Investors may find comfort in NBT Bancorp's dividend history. An InvestingPro Tip highlights that the company "Has raised its dividend for 12 consecutive years" and "Has maintained dividend payments for 39 consecutive years." This commitment to shareholder returns is reflected in the current dividend yield of 2.8%.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for NBT Bancorp, providing a more comprehensive view of the company's financial health and market position.
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