Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Purchased by UBS Group AG

Key Points

• UBS Group AG sharply increased its stake in Bank of N.T. Butterfield & Son, boosting holdings by 380.1% in the fourth quarter to 196,771 shares valued at about $9.8 million.
• The bank reported solid recent financial results, posting $1.55 EPS for the quarter with revenue of $93.29 million, while analysts expect 6.32 EPS for the current year.
• Butterfield also announced a quarterly dividend of $0.50 per share and a new $3 million stock repurchase program, signaling confidence in the stock and returning capital to shareholders.

UBS Group AG boosted its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 380.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 196,771 shares of the bank's stock after purchasing an additional 155,784 shares during the period. UBS Group AG's holdings in Bank of N.T. Butterfield & Son were worth $9,803,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings in Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank's stock valued at $65,140,000 after purchasing an additional 140,041 shares in the last quarter. Invesco Ltd. increased its holdings in Bank of N.T. Butterfield & Son by 5.3% in the 3rd quarter. Invesco Ltd. now owns 965,753 shares of the bank's stock valued at $41,450,000 after purchasing an additional 48,368 shares in the last quarter. LSV Asset Management increased its holdings in Bank of N.T. Butterfield & Son by 6.9% in the 3rd quarter. LSV Asset Management now owns 651,259 shares of the bank's stock valued at $27,952,000 after purchasing an additional 41,800 shares in the last quarter. Millennium Management LLC increased its holdings in Bank of N.T. Butterfield & Son by 119.4% in 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. Finally, Qube Research & Technologies Ltd increased its holdings in Bank of N.T. Butterfield & Son by 93.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank's stock valued at $13,401,000 after purchasing an additional 150,518 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB stock opened at $54.57 on Friday. Bank of N.T. Butterfield & Son Limited has a one year low of $40.59 and a one year high of $57.84. The company's 50-day simple moving average is $53.77 and its 200-day simple moving average is $51.02. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 9.44 and a beta of 0.51.

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 EPS for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The business had revenue of $93.29 million for the quarter. As a group, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.32 EPS for the current year.

Bank of N.T. Butterfield & Son declared that its Board of Directors has approved a stock repurchase program on Monday, February 9th that authorizes the company to buyback $3.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.7%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 34.60%.

Analysts Set New Price Targets

Several brokerages recently issued reports on NTB. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, April 6th. Wells Fargo & Company increased their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, February 12th. Zacks Research downgraded Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Finally, Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a "market perform" rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son 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.

Want to see what other hedge funds are holding NTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.