Bank of N.T. Butterfield & Son Limited (The) $NTB Stock Bought by Ethic Inc.

Key Points

• Ethic Inc. increased its NTB stake by 85.6% in the third quarter, to 83,307 shares valued at about $4.82 million. Institutional investors and hedge funds collectively own 62.73% of the stock.
• Butterfield reported quarterly EPS of $1.58, beating the $1.49 analyst consensus, and revenue of $162.24 million, above estimates. Analysts’ average rating was “Moderate Buy,” with a consensus price target of $65.50.
• Insiders sold 216,037 shares worth about $13.28 million over the prior 90 days. The bank also announced a $0.50 quarterly dividend, equivalent to a $2.00 annualized payout and a 3.6% yield.

Ethic Inc. increased its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 85.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 83,307 shares of the bank's stock after acquiring an additional 38,429 shares during the quarter. Ethic Inc. owned approximately 0.20% of Bank of N.T. Butterfield & Son worth $4,820,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NTB. Dimensional Fund Advisors LP lifted its position in shares of Bank of N.T. Butterfield & Son by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,595,506 shares of the bank's stock valued at $83,730,000 after acquiring an additional 33,493 shares in the last quarter. Empowered Funds LLC grew its position in Bank of N.T. Butterfield & Son by 5.0% during the 1st quarter. Empowered Funds LLC now owns 180,408 shares of the bank's stock worth $9,468,000 after purchasing an additional 8,573 shares in the last quarter. Lazard Asset Management LLC grew its position in Bank of N.T. Butterfield & Son by 130.6% during the 1st quarter. Lazard Asset Management LLC now owns 167,051 shares of the bank's stock worth $8,767,000 after purchasing an additional 94,596 shares in the last quarter. Bank of America Corp DE grew its position in Bank of N.T. Butterfield & Son by 9.6% during the 1st quarter. Bank of America Corp DE now owns 159,457 shares of the bank's stock worth $8,368,000 after purchasing an additional 14,008 shares in the last quarter. Finally, Globeflex Capital L P acquired a new stake in Bank of N.T. Butterfield & Son during the 2nd quarter valued at $8,226,000. 62.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NTB has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, September 29th. Wells Fargo & Company lifted their price target on Bank of N.T. Butterfield & Son from $61.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, September 30th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $65.50.

Insider Transactions at Bank of N.T. Butterfield & Son

In related news, Director Michael McWatt sold 9,000 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $58.41, for a total value of $525,690.00. Following the completion of the transaction, the director directly owned 13,544 shares in the company, valued at approximately $791,105.04. The trade was a 39.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael W. Collins sold 75,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $62.98, for a total value of $4,723,500.00. Following the sale, the chief executive officer directly owned 132,037 shares of the company's stock, valued at approximately $8,315,690.26. The trade was a 36.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 216,037 shares of company stock valued at $13,278,059. Insiders own 1.19% of the company's stock.

Bank of N.T. Butterfield & Son Trading Up 2.9%

Shares of NYSE:NTB opened at $56.30 on Tuesday. The stock has a market capitalization of $2.36 billion, a PE ratio of 8.88 and a beta of 0.57. Bank of N.T. Butterfield & Son Limited has a 1 year low of $44.36 and a 1 year high of $64.17. The firm has a fifty day moving average price of $58.52 and a 200 day moving average price of $56.81.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The bank reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.49 by $0.09. Bank of N.T. Butterfield & Son had a net margin of 29.21% and a return on equity of 22.45%. The business had revenue of $162.24 million during the quarter, compared to analysts' expectations of $160.90 million. During the same period in the previous year, the company earned $1.51 earnings per share. On average, sell-side analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.30 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Tuesday, November 10th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, November 10th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 34.90%.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited is a Bermuda-based bank and wealth manager founded in 1858. It provides banking and financial services to individuals, businesses, and institutional clients.

Its services include personal and corporate banking, private banking, trust and fiduciary services, investment management, and custody services. Banking products include deposit accounts, lending, and related financial services.

Butterfield serves clients across several international markets, including Bermuda, the Cayman Islands, the Channel Islands, and the United Kingdom, with additional operations in other jurisdictions.

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