Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Shares Acquired 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 boosted its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 53.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 534,659 shares of the bank's stock after buying an additional 187,160 shares during the period. LSV Asset Management owned 1.12% of Bank of N.T. Butterfield & Son worth $20,809,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of NTB. GAMMA Investing LLC raised its position in Bank of N.T. Butterfield & Son by 216.7% in the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after acquiring an additional 921 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at $72,000. Quarry LP increased its holdings in shares of Bank of N.T. Butterfield & Son by 19.7% in the fourth quarter. Quarry LP now owns 3,069 shares of the bank's stock valued at $112,000 after buying an additional 505 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Bank of N.T. Butterfield & Son by 164.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock valued at $157,000 after acquiring an additional 2,666 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth $217,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NTB. Keefe, Bruyette & Woods boosted 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 research report on Friday, July 11th. Wells Fargo & Company boosted 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 report on Thursday, July 10th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th.

Bank of N.T. Butterfield & Son Stock Down 1.8%

NTB opened at $44.69 on Monday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $33.04 and a 12-month high of $46.89. The firm has a market capitalization of $2.12 billion, a P/E ratio of 8.97 and a beta of 0.64. The stock has a fifty day moving average of $44.26 and a 200-day moving average of $40.65.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to analysts' expectations 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 previous year, the business posted $1.09 EPS. On average, analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a $0.50 dividend. The ex-dividend date is Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.5%. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 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.

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