Retired CEO of NBT Bancorp Inc. (NBTB) Offloads Shares, Plus Other Exciting Insider Trading

Several Insiders at Frozen Foods Maker Offload Shares Through Secondary Offering

One large shareholder and a number of members of AdvancePierre Foods Holdings Inc. (NYSE:APFH)’s management team offloaded shares through a secondary offering this week, so let’s have a brief look at some of the most voluminous sales. To start with, Chief Financial Officer Michael B. Sims discarded 77,669 shares on Tuesday at $27 apiece, cutting his overall holding to 530,462 shares. CEO John N. Simons Jr., who steps down from the role of CEO on March 31, unloaded 295,806 shares through the offering. Mr. Simons currently owns an aggregate of 1.74 million shares following the recent sale. Chief Operating Officer George F. Chappelle Jr. liquidated 72,121 shares via the offering, cutting his stake to 499,025 shares.

The private equity-backed frozen foods maker went public in July by offering 18.6 million shares at $21 apiece, while its shares are currently trading above the $27-level. Just recently, the producer and distributor of sandwiches, sandwich components and other entrées and snacks announced plans to refinance virtually all of its debt load. AdvancePierre Foods Holdings Inc. (NYSE:APFH) said it plans to issue $350 million in debt to pay down a portion of a loan on which the company owes $1.1 billion. Ken Griffin’s Citadel Advisors had 1.19 million shares of AdvancePierre Foods Holdings Inc. (NYSE:APFH) in its portfolio at the end of September.

Retired CEO of NBT Bancorp Offloads Shares After Earnings Release

There was some noteworthy insider selling at NBT Bancorp Inc. (NASDAQ:NBTB) this week as well. Chairman Martin A. Dietrich, who stepped down from his role as CEO in December, sold 25,000 shares on Wednesday at prices varying from $41.00 to $42.08 per share. Mr. Dietrich holds a direct ownership stake of 124,494 shares after the recent sale.

The financial holding company that operates through full-services community bank NBT Bank, N.A. and two financial services companies, has seen the value of its shares rise by 65% in the past year. The Chairman’s sale comes shortly after NBT Bancorp Inc. (NASDAQ:NBTB) released its financial results for the fourth quarter. The bank reported record net income for the fourth-consecutive year, posting a bottom-line figure of $78.4 million for 2016 versus $76.4 million posted for 2015. A mere four asset managers tracked in our system were invested in NBT Bancorp at the end of the third quarter. Cliff Asness’ AQR Capital Management was one of them, owning 255,403 shares of NBT Bancorp Inc. (NASDAQ:NBTB) at the end of the September quarter.

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