NORWICH, N.Y. - The Board of Directors of NBT Bancorp Inc . (NASDAQ: NASDAQ:NBTB), a financial holding company, has declared a second-quarter cash dividend of $0.32 per share. This announcement was made following a board meeting held today. The upcoming dividend is scheduled to be paid on June 17, 2024, to shareholders who are on record by June 3, 2024.
NBT Bancorp, with total assets amounting to $13.44 billion as of March 31, 2024, operates primarily through its subsidiary, NBT Bank, N.A., which is a full-service community bank with 154 banking locations across several Northeastern states including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut.
In addition to its banking operations, NBT Bancorp owns two financial services companies: EPIC Retirement Plan Services, a national benefits administration firm located in Rochester, NY, and NBT Insurance Agency, LLC, a full-service insurance agency headquartered in Norwich, NY.
This dividend reflects the company's commitment to providing value to its shareholders and its confidence in the financial strength of the company. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and the amount declared can be an indicator of a company's profitability and financial health.
The information regarding the dividend and the company's operations is based on a press release statement from NBT Bancorp Inc. As is standard practice, the company has not provided additional commentary on the future prospects of its dividend payments or its market position.
Investors in NBT Bancorp can access more information about the company and its divisions through its various websites. The company's announcement is part of its regular communications with shareholders and the market regarding its financial distributions.
InvestingPro Insights
NBT Bancorp Inc. (NBTB) continues to demonstrate a strong commitment to its shareholders through consistent dividend payments. Notably, the company has maintained dividend payments for an impressive 39 consecutive years and has raised its dividend for 11 consecutive years, underscoring its stable financial standing and dedication to returning value to its investors. This dedication is reflected in the recent announcement of a second-quarter cash dividend of $0.32 per share.
InvestingPro data shows NBT Bancorp with a market capitalization of approximately $1.81 billion and a Price/Earnings (P/E) ratio of 14.7, which adjusts to 14.34 for the last twelve months as of Q1 2024. The company's revenue growth for the same period was a modest 0.4%, with a more significant quarterly revenue growth of 10.13% in Q1 2024. Moreover, the dividend yield as of the latest data stands at 3.34%, which is competitive within the financial sector and attractive to income-focused investors.
An InvestingPro Tip highlights that analysts predict the company will be profitable this year, which aligns with the company's historical performance, as it has been profitable over the last twelve months. This is an important consideration for investors looking for stable, income-generating investments.
Still, it is worth noting that three analysts have revised their earnings estimates downwards for the upcoming period, which may warrant further investigation by prospective and current investors.
For those interested in detailed analysis and additional insights, InvestingPro offers more tips on NBT Bancorp Inc. To explore these insights, visit InvestingPro's NBTB page. Plus, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to a comprehensive suite of tools and data designed to help make informed investment decisions.
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