Rovida Investment Management Ltd Lowers Stake in 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 cut its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 13.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,549,437 shares of the bank's stock after selling 244,000 shares during the quarter. Bank of N.T. Butterfield & Son comprises about 18.7% of Rovida Investment Management Ltd's holdings, making the stock its 2nd largest position. 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 SEC.

Other hedge funds also recently made changes to their positions in the company. LSV Asset Management lifted its stake in Bank of N.T. Butterfield & Son by 53.9% during the first 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 last quarter. Millennium Management LLC lifted its stake in shares of Bank of N.T. Butterfield & Son by 84.7% in the 4th quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock valued at $11,943,000 after acquiring an additional 149,803 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of 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 acquiring an additional 78,342 shares during the last quarter. Northern Trust Corp lifted its stake in shares of 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 valued at $13,999,000 after acquiring an additional 69,066 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of 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 valued at $4,463,000 after acquiring an additional 67,593 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTB has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Raymond James Financial reissued 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. Finally, Keefe, Bruyette & Woods boosted their target price on 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.

Bank of N.T. Butterfield & Son Trading Down 0.9%

Shares of NTB stock traded down $0.43 during midday trading on Thursday, reaching $44.96. 180,028 shares of the stock were exchanged, compared to its average volume of 194,788. The firm has a market cap of $2.14 billion, a PE ratio of 9.03 and a beta of 0.64. The company's 50 day moving average is $44.75 and its two-hundred day moving average is $41.14. Bank of N.T. Butterfield & Son Limited has a 1 year low of $34.77 and a 1 year high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to the consensus estimate of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%. During the same quarter in the prior year, the business posted $1.09 EPS. As a group, equities analysts expect 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 disclosed a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be given a $0.50 dividend. 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 is Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.4%. Bank of N.T. Butterfield & Son's payout ratio is currently 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.