Short Interest in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Drops By 33.3%

Key Points

• The short interest in Bank of N.T. Butterfield & Son decreased by 33.3% in July, with total short interest falling to 214,300 shares as of July 31st.
• The bank recently announced a quarterly dividend increase to $0.50, reflecting an annual dividend of $2.00 and a yield of 4.5%.
• Analysts have adjusted their price targets for the stock, with Keefe, Bruyette & Woods raising it to $50.00 and Wells Fargo increasing it to $54.00, indicating positive market sentiment.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 214,300 shares, adeclineof33.3% from the July 15th total of 321,100 shares. Based on an average daily trading volume, of 160,600 shares, the days-to-cover ratio is presently 1.3 days. Approximately0.5% of the shares of the company are sold short. Approximately0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 160,600 shares, the days-to-cover ratio is presently 1.3 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NTB. Raymond James Financial reiterated an "outperform" rating and set a $50.00 price target (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Wells Fargo & Company upped their target price on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

Institutional Trading of Bank of N.T. Butterfield & Son

A number of hedge funds and other institutional investors have recently made changes to their positions in NTB. USA Financial Formulas acquired a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at $27,000. EverSource Wealth Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after buying an additional 523 shares in the last quarter. AdvisorNet Financial Inc increased its stake in shares of Bank of N.T. Butterfield & Son by 207.4% in the second quarter. AdvisorNet Financial Inc now owns 830 shares of the bank's stock valued at $37,000 after buying an additional 560 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 216.7% in the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock valued at $52,000 after buying an additional 921 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at $72,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Stock Up 3.0%

Bank of N.T. Butterfield & Son stock traded up $1.3190 during mid-day trading on Friday, hitting $45.4790. 251,214 shares of the company were exchanged, compared to its average volume of 188,353. The business has a fifty day moving average of $44.91 and a 200 day moving average of $41.49. Bank of N.T. Butterfield & Son has a 1-year low of $34.77 and a 1-year high of $46.89. The company has a market capitalization of $2.16 billion, a PE ratio of 9.13 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.The firm had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same period in the prior year, the company posted $1.09 earnings per share. Research analysts expect that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.4%. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date is Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is 40.16%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.