American Century Companies Inc. Boosts Holdings 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. raised its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 10.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,257,197 shares of the bank's stock after acquiring an additional 114,367 shares during the quarter. American Century Companies Inc. owned approximately 2.65% of Bank of N.T. Butterfield & Son worth $48,930,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. increased its holdings in Bank of N.T. Butterfield & Son by 106.0% during the 1st quarter. Russell Investments Group Ltd. now owns 90,861 shares of the bank's stock valued at $3,536,000 after acquiring an additional 46,763 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Bank of N.T. Butterfield & Son by 1.7% during the 1st quarter. Invesco Ltd. now owns 883,728 shares of the bank's stock worth $34,395,000 after purchasing an additional 14,840 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of 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 purchasing an additional 78,342 shares during the last quarter. LSV Asset Management boosted its stake in shares of Bank of N.T. Butterfield & Son by 53.9% during the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank's stock worth $20,809,000 after purchasing an additional 187,160 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth about $1,019,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Stock Performance

NTB opened at $44.1150 on Wednesday. The company's 50 day simple moving average is $44.80 and its 200 day simple moving average is $41.32. Bank of N.T. Butterfield & Son Limited has a 1 year low of $34.77 and a 1 year high of $46.89. The stock has a market capitalization of $2.10 billion, a PE ratio of 8.86 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its 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. 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 for the quarter, compared to analysts' expectations of $146.91 million. During the same period last year, the company earned $1.09 earnings per share. As a group, sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be given 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 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is 40.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price target (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Wells Fargo & Company raised 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 research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised 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. Two equities 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.33.

About Bank of N.T. Butterfield & Son

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.

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