Acadian Asset Management LLC Buys New Shares 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 bought a new position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 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.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 216.7% during the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after buying an additional 921 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $72,000. Quarry LP raised its stake in shares of Bank of N.T. Butterfield & Son by 8.4% during the 1st quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after buying an additional 258 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $201,000. Finally, Nisa Investment Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 885.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the bank's stock valued at $269,000 after purchasing an additional 6,200 shares during the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB traded down $0.91 during midday trading on Friday, reaching $44.82. 565,769 shares of the company's stock were exchanged, compared to its average volume of 167,106. The firm's 50 day simple moving average is $45.06 and its two-hundred day simple moving average is $42.24. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 9.00 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $34.77 and a fifty-two week high of $46.89.

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

Bank of N.T. Butterfield & Son Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were given a dividend of $0.50 per share. The ex-dividend date was Monday, August 11th. This is a positive change 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%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 40.16%.

Wall Street Analyst Weigh In

NTB has been the subject of several recent research reports. Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and an average price target of $51.33.

Bank of N.T. Butterfield & Son Company 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.