Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High - Here's What Happened

Key Points

• Bank of N.T. Butterfield & Son hit a new 52-week high on Wednesday, trading as high as $61.18 and closing near that level at $61.23. The move came on relatively light volume of about 10,022 shares.
• Analysts are mixed on the stock: Zacks downgraded NTB to Hold, while Wells Fargo raised its price target to $61. MarketBeat says the consensus rating is Moderate Buy with a $59.50 target.
• The company reported strong recent fundamentals, including $1.55 EPS, $155.93 million in quarterly revenue, and a 3.2% dividend yield. Insider activity was also notable, with the CEO selling shares while a director bought 10,000 shares.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $61.18 and last traded at $61.23, with a volume of 10022 shares trading hands. The stock had previously closed at $60.58.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NTB shares. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Weiss Ratings reissued 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 upped their price target on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Bank of N.T. Butterfield & Son has an average rating of "Moderate Buy" and a consensus target price of $59.50.

Bank of N.T. Butterfield & Son Trading Up 1.7%

The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 10.66 and a beta of 0.51. The stock's fifty day moving average price is $57.88 and its 200-day moving average price is $54.26.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. The firm had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%. Analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were issued a $0.50 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is 34.60%.

Insider Activity

In other news, CEO Michael W. Collins sold 20,621 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly owned 60,622 shares of the company's stock, valued at approximately $3,562,754.94. This represents a 25.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark T. Lynch purchased 10,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $56.49 per share, with a total value of $564,900.00. Following the completion of the acquisition, the director directly owned 234,794 shares of the company's stock, valued at $13,263,513.06. This represents a 4.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 60,621 shares of company stock valued at $3,557,496 in the last quarter. Company insiders own 1.19% of the company's stock.

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

A number of institutional investors have recently modified their holdings of the business. UBS Group AG boosted its holdings in Bank of N.T. Butterfield & Son by 380.1% in the fourth quarter. UBS Group AG now owns 196,771 shares of the bank's stock valued at $9,803,000 after acquiring an additional 155,784 shares during the last quarter. LSV Asset Management increased its stake in Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank's stock worth $41,048,000 after acquiring an additional 172,666 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in Bank of N.T. Butterfield & Son by 16.7% during the third quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank's stock worth $5,787,000 after acquiring an additional 19,327 shares during the last quarter. Globeflex Capital L P lifted its stake in shares of Bank of N.T. Butterfield & Son by 24.1% in the 4th 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 in the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth about $1,382,000. 62.73% of the stock is owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

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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