AQR Capital Management LLC Raises Holdings in 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 increased its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 57.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,199 shares of the bank's stock after acquiring 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 and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. PDT Partners LLC grew its position in Bank of N.T. Butterfield & Son by 364.3% during the 1st quarter. PDT Partners LLC now owns 27,573 shares of the bank's stock worth $1,073,000 after acquiring an additional 21,634 shares during the last quarter. Quarry LP raised its position in 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 purchasing an additional 258 shares during the last quarter. Ieq Capital LLC raised its position in Bank of N.T. Butterfield & Son by 104.2% during the 1st quarter. Ieq Capital LLC now owns 27,552 shares of the bank's stock valued at $1,072,000 after purchasing an additional 14,062 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in Bank of N.T. Butterfield & Son during the 1st quarter valued at approximately $1,117,000. Finally, Hsbc Holdings PLC bought a new position in Bank of N.T. Butterfield & Son during the 1st quarter valued at approximately $201,000. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Price Performance

NTB stock traded up $0.95 on Thursday, reaching $45.73. 169,630 shares of the company traded hands, compared to its average volume of 163,378. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89. The company has a market cap of $2.17 billion, a P/E ratio of 9.18 and a beta of 0.67. The firm has a fifty day simple moving average of $45.09 and a 200-day simple moving average of $42.19.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings data 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. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.The company had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same quarter last year, the company earned $1.09 EPS. On average, sell-side analysts forecast 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 disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given 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. 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 dividend payout ratio is 40.16%.

Analysts Set New Price Targets

A number of research analysts have commented on NTB shares. Wells Fargo & Company upped 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. 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 report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Bank of N.T. Butterfield & Son 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.