NBT Bancorp Closes Merger With Salisbury Bancorp, Raises Dividend by 7%
Portfolio Pulse from Lekha Gupta
NBT Bancorp Inc (NASDAQ:NBTB) has completed its merger with Salisbury Bancorp, Inc. and raised its Q3 2023 dividend per share by 6.7% to $0.32. The merger has added 13 banking offices to NBTB's franchise, expanding its footprint to 153 offices across seven states. Richard J. Cantele, Jr., former President and CEO of Salisbury, has been appointed to NBTB's board of directors and will join the Executive Management Team. NBTB's Q2 adjusted EPS was $0.80, beating the consensus of $0.76, but sales of $121.13 million missed the consensus of $126.11 million.
August 14, 2023 | 5:05 pm
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NBT Bancorp has completed its merger with Salisbury Bancorp and raised its dividend, which could attract income-focused investors. However, the company missed sales consensus in Q2, which may concern growth-focused investors.
The completion of the merger and the dividend increase are positive news that could attract investors looking for income and stability. However, the missed sales consensus could be a concern for investors focused on growth, potentially putting downward pressure on the stock. The net impact is likely to be neutral in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100