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

Key Points

• Assenagon Asset Management S.A. acquired 49,080 shares of Bank of N.T. Butterfield & Son valued at approximately $2.17 million in the second quarter, increasing its stake to around 0.10% of the company.
• Wall Street analysts have raised their target prices for Bank of N.T. Butterfield & Son, with Wells Fargo setting a new target of $54.00, reflecting a positive outlook for the stock.
• The bank increased its quarterly dividend to $0.50 per share, up from $0.44, resulting in an annualized yield of 4.5% and indicating a solid financial position.

Assenagon Asset Management S.A. bought a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 49,080 shares of the bank's stock, valued at approximately $2,173,000. Assenagon Asset Management S.A. owned about 0.10% of Bank of N.T. Butterfield & Son as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in 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 period. Quarry LP boosted its holdings 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 acquiring an additional 258 shares during the period. Longboard Asset Management LP purchased a new position in Bank of N.T. Butterfield & Son during the 2nd quarter valued at $210,000. Hsbc Holdings PLC purchased a new position in Bank of N.T. Butterfield & Son during the 1st quarter valued at $201,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Bank of N.T. Butterfield & Son by 885.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the bank's stock valued at $269,000 after acquiring an additional 6,200 shares during the period. Hedge funds and other institutional investors own 62.73% of the company's stock.

Wall Street Analysts Forecast Growth

NTB has been the subject of several research reports. Keefe, Bruyette & Woods upped 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 report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their target price on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Trading Down 0.8%

NTB opened at $44.19 on Friday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 8.87 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a 12 month low of $34.77 and a 12 month high of $46.89. The stock has a fifty day moving average price of $44.94 and a 200-day moving average price of $42.44.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $146.91 million. During the same period in the prior year, the company posted $1.09 EPS. On average, equities research 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 firm also recently announced 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. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.5%. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 40.16%.

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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