Martingale Asset Management L P Has $3.40 Million Stake 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 stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 approximately 0.18% of Bank of N.T. Butterfield & Son worth $3,402,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NTB. Hsbc Holdings PLC acquired a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $201,000. Northern Trust Corp raised its position in shares of Bank of N.T. Butterfield & Son by 0.5% during the first quarter. Northern Trust Corp now owns 384,835 shares of the bank's stock worth $14,978,000 after purchasing an additional 1,829 shares during the period. Prospector Partners LLC raised its position in shares of Bank of N.T. Butterfield & Son by 13.5% during the first quarter. Prospector Partners LLC now owns 108,575 shares of the bank's stock worth $4,226,000 after purchasing an additional 12,900 shares during the period. American Century Companies Inc. grew its holdings in Bank of N.T. Butterfield & Son by 10.0% during the first quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank's stock worth $48,930,000 after buying an additional 114,367 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Bank of N.T. Butterfield & Son by 106.0% in the 1st quarter. Russell Investments Group Ltd. now owns 90,861 shares of the bank's stock valued at $3,536,000 after purchasing an additional 46,763 shares during the period. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Stock Up 0.0%

NYSE NTB traded up $0.02 on Wednesday, reaching $45.52. The stock had a trading volume of 49,204 shares, compared to its average volume of 178,509. 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 $45.03 and a two-hundred day moving average price of $41.56. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 9.14 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its earnings results on Monday, July 28th. The bank reported $1.26 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 firm had revenue of $146.30 million for the quarter, compared to analyst estimates of $146.91 million. During the same quarter in the prior year, the company posted $1.09 earnings per share. Sell-side analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend 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 was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 40.16%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Raymond James Financial restated an "outperform" rating and issued 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. Wells Fargo & Company boosted 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. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

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.