Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Bought by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd increased its stake in Bank of N.T. Butterfield & Son by 88.7% in Q1, ending with 35,446 shares valued at about $1.86 million.
• Company insiders showed mixed activity: CEO Michael W. Collins sold 20,621 shares, while Director Mark T. Lynch bought 10,000 shares. Insiders still hold only 1.19% of the stock.
• The bank reported solid performance metrics, including $1.55 EPS last quarter and a 3.3% dividend yield. Shares recently traded near their 52-week high, and analysts maintain an average rating of Moderate Buy with a $59.50 price target.

Y Intercept Hong Kong Ltd boosted its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 88.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,446 shares of the bank's stock after buying an additional 16,664 shares during the quarter. Y Intercept Hong Kong Ltd owned 0.08% of Bank of N.T. Butterfield & Son worth $1,860,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of NTB. Seelaus Asset Management LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 4.1% during the 4th quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank's stock valued at $313,000 after buying an additional 250 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 5.6% in the 3rd quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank's stock valued at $264,000 after buying an additional 328 shares during the period. Bell Investment Advisors Inc boosted its stake in shares of Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank's stock worth $26,000 after buying an additional 455 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 3.2% in the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank's stock worth $654,000 after buying an additional 457 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Bank of N.T. Butterfield & Son by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 7,628 shares of the bank's stock worth $380,000 after acquiring an additional 492 shares during the period. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the sale, the chief executive officer owned 60,622 shares of the company's stock, valued at approximately $3,562,754.94. This trade represents a 25.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark T. Lynch purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director owned 234,794 shares in the company, valued at $13,263,513.06. This represents a 4.45% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 60,621 shares of company stock worth $3,557,496 in the last three months. 1.19% of the stock is owned by corporate insiders.

Bank of N.T. Butterfield & Son Stock Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $60.10 on Friday. The firm has a 50-day simple moving average of $57.57 and a two-hundred day simple moving average of $54.06. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $40.59 and a fifty-two week high of $61.11. The company has a market cap of $2.52 billion, a P/E ratio of 10.40 and a beta of 0.51.

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

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were given 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 (DPR) is 34.60%.

Analysts Set New Price Targets

Several research analysts recently weighed in on NTB shares. Wells Fargo & Company lifted their price target on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research report on Monday, June 8th. Weiss Ratings restated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Finally, Zacks Research cut 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 equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.50.

About Bank of N.T. Butterfield & Son

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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