Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Shares Bought by LSV Asset Management

Key Points

• LSV Asset Management increased its stake in Bank of N.T. Butterfield & Son by 53.9%, now owning 1.12% of the company, valued at approximately $20.8 million.
• The bank's quarterly dividend will increase to $0.50, reflecting a 4.5% yield, up from the previous quarterly dividend of $0.44.
• Bank of N.T. Butterfield reported earnings per share of $1.26 for the last quarter, beating estimates, and had revenue of $146.3 million.

LSV Asset Management raised its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 53.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 534,659 shares of the bank's stock after acquiring an additional 187,160 shares during the quarter. LSV Asset Management owned approximately 1.12% of Bank of N.T. Butterfield & Son worth $20,809,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth $219,000. Norges Bank purchased a new stake in Bank of N.T. Butterfield & Son in the 4th quarter valued at about $5,700,000. Schroder Investment Management Group purchased a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $2,024,000. Trexquant Investment LP boosted its holdings in shares of Bank of N.T. Butterfield & Son by 68.7% in the fourth quarter. Trexquant Investment LP now owns 77,075 shares of the bank's stock valued at $2,817,000 after purchasing an additional 31,380 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Bank of N.T. Butterfield & Son by 16.3% in the fourth quarter. Wells Fargo & Company MN now owns 31,700 shares of the bank's stock valued at $1,159,000 after purchasing an additional 4,451 shares during the period. Hedge funds and other institutional investors own 62.73% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Raymond James Financial restated an "outperform" rating and set a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their target price 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. Finally, Wells Fargo & Company upped their target price 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.

Bank of N.T. Butterfield & Son Stock Down 1.1%

Shares of NYSE:NTB traded down $0.52 during trading on Thursday, reaching $44.83. 55,722 shares of the company's stock traded hands, compared to its average volume of 177,361. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $34.35 and a fifty-two week high of $46.89. The firm has a market cap of $2.13 billion, a PE ratio of 9.03 and a beta of 0.64. The company has a 50-day simple moving average of $44.40 and a 200-day simple moving average of $40.74.

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 firm 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 net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the firm posted $1.09 earnings per share. On average, equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current 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 given a $0.50 dividend. 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. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 35.34%.

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.