Acadian Asset Management LLC Purchases New Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Acadian Asset Management LLC purchased 24,305 shares of Bank of N.T. Butterfield & Son (NYSE: NTB) valued at approximately $945,000 during the first quarter.
• The bank's institutional ownership stands at 62.73%, with several firms significantly increasing their stakes in the first quarter.
• Analysts have updated their price targets for NTB, with Raymond James raising it to $50.00 and Wells Fargo increasing theirs to $54.00, indicating a generally positive outlook on the stock.

Acadian Asset Management LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 24,305 shares of the bank's stock, valued at approximately $945,000. Acadian Asset Management LLC owned 0.05% of Bank of N.T. Butterfield & Son at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NTB. BNP Paribas Financial Markets increased its holdings in shares of Bank of N.T. Butterfield & Son by 34.1% in the 4th quarter. BNP Paribas Financial Markets now owns 21,837 shares of the bank's stock worth $798,000 after buying an additional 5,557 shares during the last quarter. Deutsche Bank AG lifted its position in Bank of N.T. Butterfield & Son by 34.0% during the fourth quarter. Deutsche Bank AG now owns 59,591 shares of the bank's stock valued at $2,178,000 after acquiring an additional 15,106 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $72,000. Millennium Management LLC lifted its position in Bank of N.T. Butterfield & Son by 84.7% during the fourth quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock valued at $11,943,000 after acquiring an additional 149,803 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 42.2% in the fourth quarter. ProShare Advisors LLC now owns 12,500 shares of the bank's stock worth $457,000 after buying an additional 3,709 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock traded down $0.91 during trading hours on Friday, reaching $44.82. 565,769 shares of the stock were exchanged, compared to its average volume of 182,833. The firm's 50 day moving average is $45.06 and its 200 day moving average is $42.31. The stock has a market cap of $2.13 billion, a P/E ratio of 9.00 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to analysts' expectations of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the company earned $1.09 EPS. Equities research analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.50 dividend. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 40.16%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their target price on shares of 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. Finally, Wells Fargo & Company lifted their target price on shares of 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Bank of N.T. Butterfield & Son Profile

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.