Martingale Asset Management L P Has $3.40 Million Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Martingale Asset Management L P sold 8.9% of its shares in Bank of N.T. Butterfield & Son Limited, reducing its holdings to 87,412 shares valued at approximately $3.4 million.
• The bank has increased its quarterly dividend from $0.44 to $0.50 per share, representing an annualized dividend of $2.00 with a yield of 4.5%.
• Bank of N.T. Butterfield & Son reported earnings per share of $1.26 for the last quarter, surpassing analysts' expectations, and has a price target consensus of $51.33 among research analysts.

Martingale Asset Management L P decreased its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,412 shares of the bank's stock after selling 8,591 shares during the quarter. Martingale Asset Management L P owned 0.18% of Bank of N.T. Butterfield & Son worth $3,402,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. LSV Asset Management boosted its position in Bank of N.T. Butterfield & Son by 53.9% in the first quarter. LSV Asset Management now owns 534,659 shares of the bank's stock valued at $20,809,000 after buying an additional 187,160 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 84.7% during the 4th quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock valued at $11,943,000 after acquiring an additional 149,803 shares in the last quarter. American Century Companies Inc. grew its position in Bank of N.T. Butterfield & Son by 10.0% during the 1st quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank's stock worth $48,930,000 after acquiring an additional 114,367 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in Bank of N.T. Butterfield & Son by 8.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after purchasing an additional 78,342 shares in the last quarter. Finally, Northern Trust Corp raised its position in Bank of N.T. Butterfield & Son by 22.0% in the fourth quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock valued at $13,999,000 after purchasing an additional 69,066 shares during the last quarter. Institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB stock traded up $1.3190 during mid-day trading on Friday, hitting $45.4790. The company's stock had a trading volume of 251,214 shares, compared to its average volume of 188,353. The company has a market cap of $2.16 billion, a PE ratio of 9.13 and a beta of 0.64. The company's fifty day simple moving average is $44.91 and its 200-day simple moving average is $41.49. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.77 and a 52 week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The business had revenue of $146.30 million during the quarter, compared to analysts' expectations of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the company posted $1.09 earnings per share. On average, equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.4%. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is 40.16%.

Analyst Upgrades and Downgrades

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

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.