Adage Capital Partners GP L.L.C. Trims Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Bank of N.T. Butterfield & Son by 10.1%, selling 60,586 shares and retaining approximately 540,017 shares valued at $21,017,000.
• The bank's stock price experienced a 1.9% increase, currently trading at $45.22, with a market capitalization of $2.15 billion.
• The Bank of N.T. Butterfield & Son announced an increase in its quarterly dividend to $0.50 per share, reflecting a payout ratio of 40.16% and a dividend yield of 4.4%.

Adage Capital Partners GP L.L.C. reduced its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 10.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 540,017 shares of the bank's stock after selling 60,586 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.14% of Bank of N.T. Butterfield & Son worth $21,017,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Quarry LP boosted its position in shares of Bank of N.T. Butterfield & Son by 8.4% in the 1st quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after purchasing an additional 258 shares in the last quarter. Stifel Financial Corp raised its holdings in Bank of N.T. Butterfield & Son by 5.6% in the 4th quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock worth $302,000 after acquiring an additional 441 shares during the last quarter. Strategic Global Advisors LLC raised its holdings in Bank of N.T. Butterfield & Son by 0.4% in the 4th quarter. Strategic Global Advisors LLC now owns 172,742 shares of the bank's stock worth $6,314,000 after acquiring an additional 681 shares during the last quarter. GSA Capital Partners LLP raised its holdings in Bank of N.T. Butterfield & Son by 4.6% in the 1st quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock worth $649,000 after acquiring an additional 739 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Bank of N.T. Butterfield & Son by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock worth $376,000 after acquiring an additional 918 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Stock Up 0.1%

NTB traded up $0.07 during mid-day trading on Wednesday, reaching $44.87. 13,753 shares of the company traded hands, compared to its average volume of 178,598. The stock has a market capitalization of $2.13 billion, a P/E ratio of 9.00 and a beta of 0.67. The company's fifty day moving average price is $45.24 and its 200-day moving average price is $41.91. 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 announced its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The business had revenue of $146.30 million during the quarter, compared to analyst estimates 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 in the previous year, the business earned $1.09 EPS. As a group, sell-side analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.50 dividend. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 40.16%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Raymond James Financial restated 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 report on Tuesday, July 8th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company boosted 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 note on Thursday, July 10th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.