Canoe Financial LP Has $2.23 Million Stock Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Canoe Financial LP increased its stake in Bank of N.T. Butterfield & Son by 289.2% in the second quarter, now holding 50,275 shares valued at $2.23 million.
• The bank has recently increased its quarterly dividend to $0.50, reflecting a 4.4% dividend yield and a payout ratio of 40.16%.
• Bank of N.T. Butterfield & Son reported earnings per share of $1.26 for the last quarter, surpassing analysts' expectations of $1.15.

Canoe Financial LP boosted its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 289.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,275 shares of the bank's stock after acquiring an additional 37,359 shares during the period. Canoe Financial LP owned 0.11% of Bank of N.T. Butterfield & Son worth $2,226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Redhawk Wealth Advisors Inc. bought a new stake in Bank of N.T. Butterfield & Son during the 2nd quarter worth about $918,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Bank of N.T. Butterfield & Son by 19.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,568 shares of the bank's stock worth $536,000 after buying an additional 1,903 shares during the period. Longboard Asset Management LP bought a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth approximately $210,000. Harbor Capital Advisors Inc. raised its position in Bank of N.T. Butterfield & Son by 1.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 113,876 shares of the bank's stock valued at $5,042,000 after buying an additional 1,250 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $736,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Stock Up 2.1%

Shares of Bank of N.T. Butterfield & Son stock opened at $45.73 on Friday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $34.77 and a 12-month high of $46.89. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 9.18 and a beta of 0.67. The firm's 50-day moving average price is $45.09 and its two-hundred day moving average price is $42.19.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $146.30 million during 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 quarter in the prior year, the firm posted $1.09 EPS. On average, sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was 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 40.16%.

Analyst Ratings Changes

NTB has been the subject of several recent research reports. 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 boosted 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, Wells Fargo & Company raised their price target 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. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and a consensus 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.

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