Charles Schwab Investment Management Inc. Decreases Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Bank of N.T. Butterfield & Son by 39.6%, selling 70,712 shares to own approximately 0.23% of the bank, valued at $4.19 million.
• Bank of N.T. Butterfield & Son announced a quarterly dividend increase from $0.44 to $0.50 per share, reflecting a 4.5% yield with a dividend payout ratio of 40.16%.
• Analysts have shown optimism for Bank of N.T. Butterfield & Son, with price target upgrades leading to an average consensus target of $51.33 and a "Moderate Buy" rating.

Charles Schwab Investment Management Inc. decreased its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 39.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,645 shares of the bank's stock after selling 70,712 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.23% of Bank of N.T. Butterfield & Son worth $4,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Westwood Holdings Group Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 8.6% in the first quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after purchasing an additional 78,342 shares during the last quarter. LSV Asset Management grew its holdings in shares of Bank of N.T. Butterfield & Son by 53.9% in the first quarter. LSV Asset Management now owns 534,659 shares of the bank's stock worth $20,809,000 after purchasing an additional 187,160 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Bank of N.T. Butterfield & Son in the first quarter worth about $1,019,000. GSA Capital Partners LLP grew its holdings in shares of Bank of N.T. Butterfield & Son by 4.6% in the first quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock worth $649,000 after purchasing an additional 739 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 2.9% in the first quarter. Federated Hermes Inc. now owns 62,325 shares of the bank's stock worth $2,426,000 after purchasing an additional 1,743 shares during the last quarter. Institutional investors own 62.73% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on NTB. Wells Fargo & Company upped their price target on shares of 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. Keefe, Bruyette & Woods upped 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 report on Friday, July 11th. Finally, Raymond James Financial restated an "outperform" rating and issued a $50.00 price target (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock traded up $0.15 during mid-day trading on Monday, hitting $45.11. 305,015 shares of the stock traded hands, compared to its average volume of 191,836. The stock has a market cap of $2.14 billion, a P/E ratio of 9.06 and a beta of 0.67. The stock's fifty day moving average is $45.20 and its two-hundred day moving average is $41.68. 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 released its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The business had revenue of $146.30 million during the quarter, compared to analyst estimates 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 in the prior year, the firm posted $1.09 earnings per share. As a group, equities analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 11th. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's payout ratio is 40.16%.

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.