AQR Capital Management LLC Buys 56,560 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• AQR Capital Management LLC increased its stake in Bank of N.T. Butterfield & Son by 57.3%, purchasing an additional 56,560 shares and raising its ownership to approximately 0.33% of the company.
• The bank reported a quarterly EPS of $1.26, exceeding analysts' estimates of $1.15, along with a revenue of $146.30 million.
• Bank of N.T. Butterfield & Son has declared an increased quarterly dividend of $0.50, up from $0.44, resulting in an annual yield of 4.4%.

AQR Capital Management LLC boosted its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 57.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 155,199 shares of the bank's stock after purchasing an additional 56,560 shares during the quarter. AQR Capital Management LLC owned approximately 0.33% of Bank of N.T. Butterfield & Son worth $6,040,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its position 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 valued at $52,000 after acquiring an additional 921 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at about $72,000. Quarry LP boosted its position 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 valued at $129,000 after acquiring an additional 258 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of 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 valued at $157,000 after acquiring an additional 2,666 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter valued at about $201,000. Institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Price Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $45.17 on Friday. The business's 50 day simple moving average is $45.19 and its two-hundred day simple moving average is $42.02. The stock has a market capitalization of $2.15 billion, a P/E ratio of 9.07 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The business had revenue of $146.30 million for the quarter, compared to analysts' expectations of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.During the same period in the previous year, the firm earned $1.09 EPS. 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 declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a $0.50 dividend. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.4%. Bank of N.T. Butterfield & Son's payout ratio is presently 40.16%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NTB shares. 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 research report on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company lifted their price target on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus 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.

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