Adage Capital Partners GP L.L.C. Trims Holdings 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. lowered its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 10.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 540,017 shares of the bank's stock after selling 60,586 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 1.14% of Bank of N.T. Butterfield & Son worth $21,017,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NTB. GAMMA Investing LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 216.7% in the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock valued at $52,000 after purchasing an additional 921 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $72,000. Quarry LP grew its holdings in shares of Bank of N.T. Butterfield & Son by 8.4% in the first quarter. Quarry LP now owns 3,327 shares of the bank's stock valued at $129,000 after purchasing an additional 258 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in Bank of N.T. Butterfield & Son by 164.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock worth $157,000 after acquiring an additional 2,666 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $201,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on NTB. Raymond James Financial reiterated an "outperform" rating and set a $50.00 price target (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Wells Fargo & Company boosted their price target on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target 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. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Price Performance

Shares of Bank of N.T. Butterfield & Son stock traded down $0.69 during trading hours on Friday, hitting $44.61. The company had a trading volume of 182,179 shares, compared to its average volume of 191,924. The company's 50-day moving average is $45.25 and its two-hundred day moving average is $41.85. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.77 and a twelve month high of $46.89. The company has a market cap of $2.12 billion, a P/E ratio of 8.83 and a beta of 0.67.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its earnings results 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 net margin of 27.05% and a return on equity of 21.16%. The business had revenue of $146.30 million during the quarter, compared to analysts' expectations of $146.91 million. During the same quarter in the prior year, the business posted $1.09 EPS. Sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. 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. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 40.16%.

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.