Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Bank of N.T. Butterfield & Son by 36.6%, selling 40,145 shares, which left it with a total of 69,572 shares valued at approximately $3.08 million.
• The bank declared a quarterly dividend of $0.50 per share, increasing from the previous amount of $0.44, resulting in an annualized dividend yield of 4.8%.
• Bank of N.T. Butterfield & Son reported earnings of $1.26 EPS for the last quarter, exceeding analysts' expectations of $1.15 EPS, and had a revenue of $146.30 million.

Allspring Global Investments Holdings LLC lessened its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 36.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 69,572 shares of the bank's stock after selling 40,145 shares during the period. Allspring Global Investments Holdings LLC owned about 0.15% of Bank of N.T. Butterfield & Son worth $3,081,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. CWM LLC increased its holdings in Bank of N.T. Butterfield & Son by 22.0% in the 2nd quarter. CWM LLC now owns 18,303 shares of the bank's stock valued at $810,000 after purchasing an additional 3,303 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at approximately $213,000. Kingswood Wealth Advisors LLC acquired a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at approximately $334,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Bank of N.T. Butterfield & Son by 17.5% in the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 30,743 shares of the bank's stock valued at $1,361,000 after purchasing an additional 4,572 shares during the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Bank of N.T. Butterfield & Son in the second quarter worth $27,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB opened at $41.97 on Wednesday. The company has a 50-day simple moving average of $43.86 and a 200-day simple moving average of $42.95. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 8.43 and a beta of 0.61.

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 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. The business had revenue of $146.30 million during the quarter, compared to analysts' expectations of $146.91 million. During the same period in the prior year, the company earned $1.09 earnings per share. As a group, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.8%. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 40.16%.

Analysts Set New Price Targets

Several equities analysts have commented on NTB shares. Zacks Research upgraded shares of Bank of N.T. Butterfield & Son from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 7th. Raymond James Financial reiterated an "outperform" rating and set a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a research note on Friday, July 11th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $50.00 target price (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $50.00.

Bank of N.T. Butterfield & Son Company Profile

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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