Canoe Financial LP Sells 31,709 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Canoe Financial LP cut its NTB position by 61.1% in the third quarter, selling 31,709 shares and retaining 20,151 shares valued at approximately $1.18 million. Institutional investors collectively own 62.73% of the company.
• Butterfield insiders sold 295,808 shares worth approximately $18.15 million over the past three months, including significant sales by CEO Michael Collins and Director Michael McWatt.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $65.50 price target. The bank also reported $1.58 in quarterly EPS and pays a $0.50 quarterly dividend, yielding about 3.4%.

Canoe Financial LP decreased its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 61.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,151 shares of the bank's stock after selling 31,709 shares during the period. Canoe Financial LP's holdings in Bank of N.T. Butterfield & Son were worth $1,175,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NTB. Dimensional Fund Advisors LP grew its position in shares of Bank of N.T. Butterfield & Son by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,595,506 shares of the bank's stock valued at $83,730,000 after acquiring an additional 33,493 shares during the period. Assenagon Asset Management S.A. raised its holdings in Bank of N.T. Butterfield & Son by 648.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank's stock worth $10,168,000 after purchasing an additional 167,871 shares during the period. Empowered Funds LLC raised its holdings in Bank of N.T. Butterfield & Son by 5.0% in the 1st quarter. Empowered Funds LLC now owns 180,408 shares of the bank's stock worth $9,468,000 after purchasing an additional 8,573 shares during the period. Lazard Asset Management LLC boosted its position in Bank of N.T. Butterfield & Son by 130.6% during the first quarter. Lazard Asset Management LLC now owns 167,051 shares of the bank's stock worth $8,767,000 after purchasing an additional 94,596 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Bank of N.T. Butterfield & Son by 9.6% during the first quarter. Bank of America Corp DE now owns 159,457 shares of the bank's stock worth $8,368,000 after purchasing an additional 14,008 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.

Insider Activity

In related news, CEO Michael Collins sold 61,178 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $59.67, for a total value of $3,650,491.26. Following the completion of the transaction, the chief executive officer directly owned 132,037 shares of the company's stock, valued at approximately $7,878,647.79. This represents a 31.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael McWatt sold 9,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $58.41, for a total value of $525,690.00. Following the completion of the transaction, the director owned 13,544 shares in the company, valued at $791,105.04. The trade was a 39.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 295,808 shares of company stock valued at $18,154,010 in the last three months. Company insiders own 1.19% of the company's stock.

Analyst Upgrades and Downgrades

NTB has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on Bank of N.T. Butterfield & Son from $61.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 30th. Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of "Moderate Buy" and an average target price of $65.50.

Bank of N.T. Butterfield & Son Trading Up 0.1%

Shares of Bank of N.T. Butterfield & Son stock opened at $59.39 on Thursday. The firm has a market capitalization of $2.49 billion, a PE ratio of 9.60 and a beta of 0.55. Bank of N.T. Butterfield & Son Limited has a twelve month low of $41.71 and a twelve month high of $64.17. The firm's 50-day moving average price is $59.31 and its 200 day moving average price is $58.60.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. The company had revenue of $159.00 million for the quarter. On average, sell-side analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, August 12th. Bank of N.T. Butterfield & Son's payout ratio is presently 35.15%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a full-service bank headquartered in Hamilton, Bermuda. Founded in 1858, the company provides banking, wealth management and fiduciary services to individuals, businesses, institutions and international clients.

Butterfield's banking activities include personal and commercial deposit accounts, residential and commercial lending, credit and debit cards, cash management, foreign exchange and other financial services.

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