Bank of N.T. Butterfield & Son Limited (The) $NTB Stock Position Increased 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. boosted its position in 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 filing with the Securities & Exchange Commission. The fund owned 883,728 shares of the bank's stock after purchasing an additional 14,840 shares during the quarter. Invesco Ltd. owned about 1.86% of Bank of N.T. Butterfield & Son worth $34,395,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. lifted its position 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 valued at $38,679,000 after purchasing an additional 78,342 shares during the last quarter. LSV Asset Management lifted its position in Bank of N.T. Butterfield & Son by 53.9% in the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank's stock valued at $20,809,000 after purchasing an additional 187,160 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Bank of N.T. Butterfield & Son in the 1st quarter valued at about $1,019,000. GSA Capital Partners LLP increased its stake in Bank of N.T. Butterfield & Son by 4.6% during the 1st quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock valued at $649,000 after buying an additional 739 shares during the period. Finally, Federated Hermes Inc. increased its stake in Bank of N.T. Butterfield & Son by 2.9% during the 1st quarter. Federated Hermes Inc. now owns 62,325 shares of the bank's stock valued at $2,426,000 after buying an additional 1,743 shares during the period. 62.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NTB. Keefe, Bruyette & Woods raised their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB opened at $44.28 on Tuesday. The firm's 50 day moving average is $44.78 and its 200-day moving average is $41.30. The stock has a market capitalization of $2.10 billion, a P/E ratio of 8.89 and a beta of 0.64. Bank of N.T. Butterfield & Son Limited has a 12-month low of $34.77 and a 12-month high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $146.30 million for the quarter, compared to analysts' expectations of $146.91 million. During the same quarter in the previous year, the company posted $1.09 EPS. 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 announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be issued a $0.50 dividend. The ex-dividend date is Monday, August 11th. This is a positive change 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 4.5%. Bank of N.T. Butterfield & Son's dividend payout ratio is 40.16%.

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.

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