Assenagon Asset Management S.A. Raises Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Assenagon Asset Management sharply increased its stake in Bank of N.T. Butterfield & Son by 648.6% in the first quarter, bringing its holding to 193,754 shares valued at about $10.17 million.
• Other institutional investors also boosted positions, and 62.73% of NTB shares are now owned by hedge funds and other institutions, suggesting strong professional investor interest.
• The bank reported solid results and shareholder returns, including EPS of $1.55 last quarter and a quarterly dividend of $0.50 per share for a 3.3% annualized yield. Analysts currently have a consensus rating of Moderate Buy with an average price target of $56.33.

Assenagon Asset Management S.A. grew its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 648.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 193,754 shares of the bank's stock after purchasing an additional 167,871 shares during the quarter. Assenagon Asset Management S.A. owned about 0.46% of Bank of N.T. Butterfield & Son worth $10,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Millennium Management LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank's stock valued at $16,985,000 after purchasing an additional 215,397 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $9,579,000. LSV Asset Management grew its stake in Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank's stock worth $41,048,000 after purchasing an additional 172,666 shares during the period. UBS Group AG grew its stake in Bank of N.T. Butterfield & Son by 380.1% in the fourth quarter. UBS Group AG now owns 196,771 shares of the bank's stock worth $9,803,000 after purchasing an additional 155,784 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in Bank of N.T. Butterfield & Son by 93.1% in the third quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank's stock worth $13,401,000 after purchasing an additional 150,518 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NTB shares. Weiss Ratings raised Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, April 6th. Wells Fargo & Company upped their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Monday, June 8th. Finally, Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $56.33.

Bank of N.T. Butterfield & Son Trading Down 0.3%

NYSE NTB opened at $60.16 on Monday. Bank of N.T. Butterfield & Son Limited has a 12 month low of $40.59 and a 12 month high of $60.35. The stock has a market cap of $2.52 billion, a P/E ratio of 10.41 and a beta of 0.51. The stock's fifty day moving average price is $56.86 and its 200-day moving average price is $53.49.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The firm had revenue of $155.93 million during the quarter. As a group, analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 34.60%.

Insider Buying and Selling

In related news, CEO Michael W. Collins sold 20,621 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the sale, the chief executive officer owned 60,622 shares of the company's stock, valued at $3,562,754.94. This trade represents a 25.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark T. Lynch acquired 10,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the transaction, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. This represents a 4.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 60,621 shares of company stock worth $3,557,496. Corporate 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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