Bank of N.T. Butterfield & Son (NYSE:NTB) Director Michael Mcwatt Sells 12,000 Shares of Stock

Key Points

• Director Michael Mcwatt sold 12,000 NTB shares at an average price of $61.78, generating $741,360. His remaining ownership fell by 34.74% to 22,544 shares.
• NTB traded near its 52-week high at $61.91 and recently reported quarterly EPS of $1.58 on $159 million in revenue, with a 29.34% net margin and 22.43% return on equity.
• The bank declared a quarterly dividend of $0.50, equivalent to a $2.00 annualized payout and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $63.50.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) Director Michael Mcwatt sold 12,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $61.78, for a total transaction of $741,360.00. Following the completion of the transaction, the director owned 22,544 shares of the company's stock, valued at approximately $1,392,768.32. The trade was a 34.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB traded down $0.20 during trading hours on Wednesday, reaching $61.91. 179,414 shares of the company's stock traded hands, compared to its average volume of 178,770. Bank of N.T. Butterfield & Son Limited has a 52-week low of $40.59 and a 52-week high of $62.54. The firm has a 50-day simple moving average of $59.49 and a 200 day simple moving average of $55.43. The firm has a market cap of $2.60 billion, a PE ratio of 10.88 and a beta of 0.51.

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

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 35.15%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

A number of institutional investors have recently made changes to their positions in the company. UBS Group AG boosted its stake in Bank of N.T. Butterfield & Son by 380.1% during the 4th quarter. UBS Group AG now owns 196,771 shares of the bank's stock valued at $9,803,000 after purchasing an additional 155,784 shares during the last quarter. LSV Asset Management raised its position in Bank of N.T. Butterfield & Son by 26.5% in the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank's stock worth $41,048,000 after buying an additional 172,666 shares during the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of Bank of N.T. Butterfield & Son by 16.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank's stock valued at $5,787,000 after acquiring an additional 19,327 shares during the last quarter. Ritholtz Wealth Management bought a new stake in shares of Bank of N.T. Butterfield & Son in the first quarter worth approximately $1,382,000. Finally, Globeflex Capital L P raised its holdings in shares of Bank of N.T. Butterfield & Son by 24.1% during the fourth quarter. Globeflex Capital L P now owns 130,399 shares of the bank's stock valued at $6,496,000 after purchasing an additional 25,349 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NTB shares. 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 research note on Monday. Wells Fargo & Company increased their target price on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Monday, June 8th. Zacks Research cut Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Weiss Ratings restated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and an average 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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