Assenagon Asset Management S.A. Has $3.29 Million Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Assenagon Asset Management cut its Butterfield stake by 71.4% in the second quarter, selling 138,393 shares and retaining 55,361 shares valued at approximately $3.29 million. Institutional investors collectively own 62.73% of NTB.
• Butterfield reported quarterly earnings of $1.58 per share on $159 million in revenue, with a 29.34% net margin and 22.43% return on equity. Analysts expect full-year earnings of $6.25 per share.
• The bank declared a quarterly dividend of $0.50 per share, or $2.00 annually, representing a 3.1% yield. NTB traded near its 12-month high at $63.65, while analysts maintained a “Moderate Buy” consensus with a $63.50 average price target.

Assenagon Asset Management S.A. reduced its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 71.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,361 shares of the bank's stock after selling 138,393 shares during the period. Assenagon Asset Management S.A. owned 0.13% of Bank of N.T. Butterfield & Son worth $3,294,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Bank of America Corp DE grew its stake in Bank of N.T. Butterfield & Son by 9.6% during the first quarter. Bank of America Corp DE now owns 159,457 shares of the bank's stock worth $8,368,000 after purchasing an additional 14,008 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 33.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,802 shares of the bank's stock worth $95,000 after buying an additional 456 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 5.0% during the 1st quarter. Empowered Funds LLC now owns 180,408 shares of the bank's stock worth $9,468,000 after buying an additional 8,573 shares in the last quarter. Infrastructure Capital Advisors LLC grew its position in shares of Bank of N.T. Butterfield & Son by 6.2% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 13,714 shares of the bank's stock worth $720,000 after buying an additional 802 shares during the period. Finally, Quantinno Capital Management LP increased its stake in shares of Bank of N.T. Butterfield & Son by 47.7% in the 1st quarter. Quantinno Capital Management LP now owns 13,111 shares of the bank's stock valued at $688,000 after acquiring an additional 4,237 shares in the last quarter. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Trading Up 0.2%

NYSE NTB opened at $63.65 on Friday. The company has a market cap of $2.67 billion, a P/E ratio of 11.19 and a beta of 0.51. The company has a fifty day simple moving average of $60.34 and a 200 day simple moving average of $56.03. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $64.17.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. The firm had revenue of $159.00 million for the quarter. Sell-side analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.1%. Bank of N.T. Butterfield & Son's payout ratio is 35.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NTB shares. Weiss Ratings restated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company raised their target price on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of "Moderate Buy" and an average target price of $63.50.

Insider Activity

In other Bank of N.T. Butterfield & Son news, Director John R. Wright sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $59.50, for a total transaction of $297,500.00. Following the completion of the sale, the director directly owned 5,102 shares of the company's stock, valued at approximately $303,569. The trade was a 49.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard Saunders sold 18,118 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $61.33, for a total value of $1,111,176.94. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 140,392 shares of company stock worth $8,433,447. Company insiders own 1.19% of the company's stock.

Bank of N.T. Butterfield & Son Company Profile

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

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