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

Several other institutional investors also recently bought and sold shares of NTB. LSV Asset Management grew its stake in Bank of N.T. Butterfield & Son by 53.9% during the first quarter. LSV Asset Management now owns 534,659 shares of the bank's stock worth $20,809,000 after buying an additional 187,160 shares during the period. Millennium Management LLC boosted its holdings in Bank of N.T. Butterfield & Son by 84.7% in the 4th quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock worth $11,943,000 after acquiring an additional 149,803 shares during the period. American Century Companies Inc. boosted its holdings in Bank of N.T. Butterfield & Son by 10.0% in the 1st quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank's stock worth $48,930,000 after acquiring an additional 114,367 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Bank of N.T. Butterfield & Son by 8.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after acquiring an additional 78,342 shares during the period. Finally, Northern Trust Corp boosted its holdings in Bank of N.T. Butterfield & Son by 22.0% in the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after acquiring an additional 69,066 shares during the period. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NTB has been the subject of a number of analyst reports. Raymond James Financial restated an "outperform" rating and issued a $50.00 price target (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on 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, Wells Fargo & Company upped their price target on 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. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.33.

Bank of N.T. Butterfield & Son Stock Down 1.1%

Shares of Bank of N.T. Butterfield & Son stock traded down $0.49 on Friday, hitting $45.17. 113,293 shares of the company's stock traded hands, compared to its average volume of 157,847. The stock has a market cap of $2.15 billion, a P/E ratio of 9.07 and a beta of 0.67. The firm's 50-day moving average is $45.19 and its 200 day moving average is $42.02. 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 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 company had revenue of $146.30 million during the quarter, compared to analysts' expectations 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 prior year, the business posted $1.09 EPS. Equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current 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 paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.4%. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is 40.16%.

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.