Bank of N.T. Butterfield & Son Limited (The) $NTB Stake Lowered by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Bank of N.T. Butterfield & Son by 56.4%, now holding approximately $2.07 million worth of shares.
• Bank of N.T. Butterfield & Son recently increased its quarterly dividend to $0.50 per share, marking a rise from the previous $0.44, resulting in an annualized dividend yield of 4.5%.
• Analysts have set a consensus price target of $51.33 for Bank of N.T. Butterfield & Son, with some analysts providing a ratings upgrade to "overweight" and setting a new price objective of $54.00.

Cubist Systematic Strategies LLC cut its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 56.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,208 shares of the bank's stock after selling 68,898 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.11% of Bank of N.T. Butterfield & Son worth $2,071,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. 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 valued at $52,000 after purchasing an additional 921 shares during the period. Lazard Asset Management LLC purchased a new position in Bank of N.T. Butterfield & Son in the fourth quarter valued at about $72,000. Quarry LP increased its position in shares of Bank of N.T. Butterfield & Son by 8.4% during the first quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after acquiring an additional 258 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Bank of N.T. Butterfield & Son by 164.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock worth $157,000 after acquiring an additional 2,666 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the first quarter worth about $201,000. 62.73% of the stock is owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Trading Up 0.2%

Bank of N.T. Butterfield & Son stock traded up $0.09 during midday trading on Wednesday, hitting $44.89. The stock had a trading volume of 113,356 shares, compared to its average volume of 179,188. The stock has a market cap of $2.13 billion, a P/E ratio of 9.01 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a 12 month low of $34.77 and a 12 month high of $46.89. The business has a fifty day moving average price of $45.24 and a 200 day moving average price of $41.91.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data 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 firm 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 return on equity of 21.16% and a net margin of 27.05%.During the same period in the previous year, the company earned $1.09 earnings per share. On average, equities analysts anticipate 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 company 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 an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 40.16%.

Analyst Ratings Changes

NTB has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price 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. Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted 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. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son 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.