Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its position in Bank of N.T. Butterfield & Son by 1.7% during the 1st quarter, owning 883,728 shares worth approximately $34.4 million.
• Bank of N.T. Butterfield & Son recently announced a dividend increase to $0.50 per share, representing a 4.5% dividend yield.
• Several analysts have raised their price targets for the stock, with Wells Fargo lifting their target from $46.00 to $54.00 and maintaining an "overweight" rating.

Invesco Ltd. increased its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 883,728 shares of the bank's stock after acquiring an additional 14,840 shares during the quarter. Invesco Ltd. owned approximately 1.86% of Bank of N.T. Butterfield & Son worth $34,395,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westwood Holdings Group Inc. raised its stake in Bank of N.T. Butterfield & Son by 8.6% during the first 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 during the period. LSV Asset Management increased its holdings in shares of Bank of N.T. Butterfield & Son by 53.9% during the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank's stock worth $20,809,000 after buying an additional 187,160 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter valued at approximately $1,019,000. GSA Capital Partners LLP lifted its holdings in Bank of N.T. Butterfield & Son by 4.6% in the first quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock valued at $649,000 after acquiring an additional 739 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Bank of N.T. Butterfield & Son by 2.9% in the first quarter. Federated Hermes Inc. now owns 62,325 shares of the bank's stock valued at $2,426,000 after acquiring an additional 1,743 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NTB. Keefe, Bruyette & Woods increased their price objective 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. Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of "Moderate Buy" and an average target price of $51.33.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB traded up $1.3190 during midday trading on Friday, hitting $45.4790. 251,214 shares of the stock were exchanged, compared to its average volume of 181,957. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.89. The stock has a fifty day simple moving average of $44.91 and a 200 day simple moving average of $41.47. The firm has a market cap of $2.16 billion, a P/E ratio of 9.13 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping 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 business had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same period last year, the business posted $1.09 earnings per share. As a group, equities 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 will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a dividend of $0.50 per share. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is 40.16%.

Bank of N.T. Butterfield & Son 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.