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

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 drop in short interest during the month of July. As of July 31st, there was short interest totaling 214,300 shares, adropof33.3% from the July 15th total of 321,100 shares. Currently,0.5% of the shares of the company are sold short. Based on an average trading volume of 160,600 shares, the days-to-cover ratio is currently 1.3 days. Based on an average trading volume of 160,600 shares, the days-to-cover ratio is currently 1.3 days. Currently,0.5% of the shares of the company are sold short.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several hedge funds have recently made changes to their positions in the stock. Quarry LP grew its position in shares of Bank of N.T. Butterfield & Son by 8.4% in the first quarter. Quarry LP now owns 3,327 shares of the bank's stock valued at $129,000 after purchasing an additional 258 shares in the last quarter. Legal & General Group Plc boosted its stake in Bank of N.T. Butterfield & Son by 5.1% during the fourth quarter. Legal & General Group Plc now owns 7,697 shares of the bank's stock valued at $281,000 after buying an additional 374 shares during the period. Stifel Financial Corp boosted its stake in Bank of N.T. Butterfield & Son by 5.6% during the fourth quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock valued at $302,000 after buying an additional 441 shares during the period. Cerity Partners LLC boosted its stake in Bank of N.T. Butterfield & Son by 3.2% during the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank's stock valued at $654,000 after buying an additional 457 shares during the period. Finally, Schroder Investment Management Group boosted its stake in Bank of N.T. Butterfield & Son by 0.9% during the second quarter. Schroder Investment Management Group now owns 57,833 shares of the bank's stock valued at $2,561,000 after buying an additional 511 shares during the period. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Wells Fargo & Company increased their price target on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Trading Down 0.3%

Shares of NYSE NTB traded down $0.1250 during mid-day trading on Tuesday, hitting $44.1150. The company had a trading volume of 122,237 shares, compared to its average volume of 179,582. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 8.86 and a beta of 0.64. Bank of N.T. Butterfield & Son has a 1 year low of $34.77 and a 1 year high of $46.89. The stock's 50-day moving average price is $44.80 and its 200-day moving average price is $41.32.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $146.30 million during the quarter, compared to analysts' expectations of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.During the same period in the previous year, the business earned $1.09 earnings per share. As a group, equities research analysts forecast 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 business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. 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 (DPR) is presently 40.16%.

About Bank of N.T. Butterfield & Son

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.

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