Bridgeway Capital Management LLC Buys 13,200 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Bridgeway Capital Management LLC increased its position in Bank of N.T. Butterfield & Son by 5.2%, owning 0.56% of the bank's stock valued at approximately $10.3 million after acquiring additional shares.
• Analysts have raised their price targets for Bank of N.T. Butterfield & Son, with Wells Fargo increasing it from $46.00 to $54.00, signifying growing optimism about the company's performance.
• The bank recently raised its quarterly dividend to $0.50 per share, which represents an annualized yield of 4.5%, up from the previous dividend of $0.44.

Bridgeway Capital Management LLC lifted its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 265,261 shares of the bank's stock after acquiring an additional 13,200 shares during the period. Bridgeway Capital Management LLC owned about 0.56% of Bank of N.T. Butterfield & Son worth $10,324,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $219,000. Stifel Financial Corp boosted its position in shares of Bank of N.T. Butterfield & Son by 5.6% in the fourth quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock worth $302,000 after buying an additional 441 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of N.T. Butterfield & Son by 14.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,502 shares of the bank's stock valued at $640,000 after buying an additional 2,267 shares in the last quarter. Northern Trust Corp raised its position in Bank of N.T. Butterfield & Son by 22.0% during the fourth quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock valued at $13,999,000 after buying an additional 69,066 shares during the period. Finally, Schonfeld Strategic Advisors LLC raised its position in Bank of N.T. Butterfield & Son by 267.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 20,600 shares of the bank's stock valued at $753,000 after buying an additional 15,000 shares during the period. Hedge funds and other institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB traded down $0.00 during trading hours on Tuesday, hitting $44.86. The stock had a trading volume of 41,391 shares, compared to its average volume of 178,966. The company has a market capitalization of $2.13 billion, a P/E ratio of 9.00 and a beta of 0.67. The firm's 50-day moving average price is $45.26 and its two-hundred day moving average price is $41.89. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.77 and a 52 week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted 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 net margin of 27.05% and a return on equity of 21.16%. The firm had revenue of $146.30 million during the quarter, compared to analysts' expectations of $146.91 million. During the same period in the previous year, the company earned $1.09 earnings per share. As a group, 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 was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.50 dividend. This is a boost 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%. The ex-dividend date was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 40.16%.

Analyst Ratings Changes

A number of brokerages have commented on NTB. Wells Fargo & Company raised 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 research report on Thursday, July 10th. Keefe, Bruyette & Woods increased their price target on shares of 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. 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 report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $51.33.

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.