Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Sells $4,378,377.61 in Stock

Key Points

• CEO Michael Collins sold 70,859 NTB shares at an average price of $61.79, generating $4.38 million and reducing his direct ownership by 53.67% to 61,178 shares.
• NTB shares recently traded at $59.13, while the bank reported quarterly EPS of $1.58 and revenue of $159 million. The company also declared a quarterly dividend of $0.50 per share, representing a 3.4% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $63.50; institutional investors own 62.73% of the stock.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) CEO Michael Collins sold 70,859 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $61.79, for a total transaction of $4,378,377.61. Following the sale, the chief executive officer directly owned 61,178 shares of the company's stock, valued at approximately $3,780,188.62. This represents a 53.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Bank of N.T. Butterfield & Son Price Performance

Bank of N.T. Butterfield & Son stock traded down $2.38 during trading hours on Wednesday, hitting $59.13. 232,075 shares of the stock traded hands, compared to its average volume of 181,241. The firm's 50 day moving average price is $60.62 and its 200-day moving average price is $56.28. Bank of N.T. Butterfield & Son Limited has a 1 year low of $40.59 and a 1 year high of $64.17. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 10.39 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. The company had revenue of $159.00 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. Research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Wednesday, August 12th. Bank of N.T. Butterfield & Son's dividend payout ratio is 35.15%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted its position in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock worth $34,000 after buying an additional 523 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank's stock valued at $46,000 after purchasing an additional 1,045 shares during the period. CIBC Private Wealth Group LLC bought a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth about $56,000. Los Angeles Capital Management LLC bought a new position in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $67,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth $114,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Weiss Ratings restated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.50.

Bank of N.T. Butterfield & Son Company Profile

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

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