Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 1-Year High - Here's What Happened

Key Points

• Bank of N.T. Butterfield & Son shares reached a new 52-week high of $62.55 and last traded at $62.51, giving the bank a market capitalization of approximately $2.62 billion.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $63.50, although recent ratings include several “Hold” recommendations.
• The bank announced a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 3.2% yield. Meanwhile, insiders sold 140,392 shares worth about $8.4 million over the past 90 days.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The company traded as high as $62.55 and last traded at $62.51, with a volume of 144319 shares changing hands. The stock had previously closed at $62.32.

Analyst Ratings Changes

NTB has been the topic of a number of recent research reports. Weiss Ratings reissued a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Zacks Research downgraded Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Finally, Wells Fargo & Company raised their price target on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a report 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. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.50.

Bank of N.T. Butterfield & Son Stock Up 0.3%

The firm has a market capitalization of $2.62 billion, a P/E ratio of 10.99 and a beta of 0.51. The business's 50 day moving average is $59.95 and its two-hundred day moving average is $55.77.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. The firm had revenue of $159.00 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. As a group, equities analysts anticipate 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be issued 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 (DPR) is 35.15%.

Insiders Place Their Bets

In related news, Director Michael Mcwatt sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $61.78, for a total transaction of $741,360.00. Following the transaction, the director owned 22,544 shares in the company, valued at $1,392,768.32. This trade represents a 34.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Ronald Burns sold 18,566 shares of the company's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $61.27, for a total transaction of $1,137,538.82. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 140,392 shares of company stock valued at $8,433,447. 1.19% of the stock is currently owned by insiders.

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

A number of large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Bank of N.T. Butterfield & Son by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank's stock valued at $1,027,000 after purchasing an additional 1,148 shares during the period. Jane Street Group LLC lifted its stake in Bank of N.T. Butterfield & Son by 80.3% in the first quarter. Jane Street Group LLC now owns 70,537 shares of the bank's stock valued at $2,745,000 after acquiring an additional 31,420 shares during the last quarter. Prudential Financial Inc. bought a new stake in Bank of N.T. Butterfield & Son in the second quarter worth $243,000. Invesco Ltd. boosted its stake in shares of Bank of N.T. Butterfield & Son by 3.8% during the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank's stock worth $40,622,000 after acquiring an additional 33,657 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after acquiring an additional 523 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

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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