Rovida Investment Management Ltd Sells 244,000 Shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

Key Points

• Rovida Investment Management Ltd reduced its stake in Bank of N.T. Butterfield & Son by 13.6%, now holding approximately 3.26% of the bank, valued at around $60.3 million.
• Bank of N.T. Butterfield & Son recently raised its quarterly dividend to $0.50 per share, an increase from the previous $0.44, indicating a strong commitment to returning value to shareholders.
• Analyst ratings for the bank's shares have improved, with Wells Fargo raising its target price from $46.00 to $54.00, moving to an "overweight" rating.

Rovida Investment Management Ltd decreased its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 13.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,549,437 shares of the bank's stock after selling 244,000 shares during the quarter. Bank of N.T. Butterfield & Son makes up approximately 18.7% of Rovida Investment Management Ltd's holdings, making the stock its 2nd largest holding. Rovida Investment Management Ltd owned 3.26% of Bank of N.T. Butterfield & Son worth $60,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LSV Asset Management grew 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 purchasing an additional 187,160 shares during the period. Millennium Management LLC grew 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 worth $11,943,000 after purchasing an additional 149,803 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 8.6% during 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 during the period. Northern Trust Corp boosted its holdings in Bank of N.T. Butterfield & Son by 22.0% in the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after acquiring an additional 69,066 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its holdings in Bank of N.T. Butterfield & Son by 124.0% in the 4th quarter. Cubist Systematic Strategies LLC now owns 122,106 shares of the bank's stock worth $4,463,000 after acquiring an additional 67,593 shares during the period. Hedge funds and other institutional investors own 62.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NTB. Keefe, Bruyette & Woods upped their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Friday, July 11th. Wells Fargo & Company upped their price target 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, Raymond James Financial restated 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 report on Tuesday, July 8th.

Bank of N.T. Butterfield & Son Stock Down 0.2%

Shares of NTB traded down $0.08 during trading on Tuesday, reaching $44.82. The company's stock had a trading volume of 67,037 shares, compared to its average volume of 176,513. The company has a fifty day moving average of $44.62 and a two-hundred day moving average of $41.02. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.36 and a twelve month high of $46.89. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 8.99 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $146.30 million for the quarter, compared to analyst estimates of $146.91 million. During the same period in the prior year, the company posted $1.09 EPS. As a group, equities 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 firm also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, August 11th. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 35.34%.

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.