American Century Companies Inc. Increases Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• American Century Companies Inc. increased its stake in Bank of N.T. Butterfield & Son by 10.0%, now owning approximately 2.65% of the bank, valued at $48.93 million.
• The bank recently announced a quarterly dividend increase from $0.44 to $0.50, reflecting a 4.5% dividend yield.
• Wall Street analysts have upgraded their price targets for the stock, with an average target of $51.33 and a rating of "Moderate Buy".

American Century Companies Inc. boosted its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 10.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,257,197 shares of the bank's stock after purchasing an additional 114,367 shares during the period. American Century Companies Inc. owned about 2.65% of Bank of N.T. Butterfield & Son worth $48,930,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NTB. LSV Asset Management increased its holdings in Bank of N.T. Butterfield & Son by 53.9% during the first quarter. LSV Asset Management now owns 534,659 shares of the bank's stock valued at $20,809,000 after buying an additional 187,160 shares during the last quarter. 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 purchasing an additional 149,803 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in Bank of N.T. Butterfield & Son by 8.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after acquiring an additional 78,342 shares during the period. Northern Trust Corp lifted its stake in shares of Bank of N.T. Butterfield & Son by 22.0% during the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock valued at $13,999,000 after buying an additional 69,066 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in shares of Bank of N.T. Butterfield & Son by 124.0% during the fourth quarter. Cubist Systematic Strategies LLC now owns 122,106 shares of the bank's stock worth $4,463,000 after purchasing an additional 67,593 shares in the last quarter. Institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Down 1.1%

NTB traded down $0.5080 during trading hours on Monday, reaching $45.0220. 177,639 shares of the company's stock traded hands, compared to its average volume of 188,353. The firm has a 50-day moving average price of $44.96 and a 200 day moving average price of $41.53. The firm has a market capitalization of $2.14 billion, a PE ratio of 9.04 and a beta of 0.64. 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 issued its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same period in the previous year, the firm earned $1.09 earnings per share. Equities analysts predict 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 business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.50 per share. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is presently 40.16%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. 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 research note on Friday, July 11th. Raymond James Financial reaffirmed 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 research note on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of "Moderate Buy" and an average target price 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.