Davis Selected Advisers Has $41.58 Million Stock Position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

Key Points

• Davis Selected Advisers reduced its stake in Bank of N.T. Butterfield & Son by 0.7%, selling 7,983 shares and retaining 1,068,441 shares, valued at approximately $41.58 million.
• The bank recently announced an increase in its quarterly dividend from $0.44 to $0.50, with a dividend yield of 4.5%.
• Analysts raised their price targets for Bank of N.T. Butterfield & Son, with estimates now ranging from $50.00 to $54.00 following strong earnings performance.

Davis Selected Advisers trimmed its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 0.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,068,441 shares of the bank's stock after selling 7,983 shares during the period. Davis Selected Advisers owned approximately 2.25% of Bank of N.T. Butterfield & Son worth $41,584,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 5.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock valued at $4,270,000 after acquiring an additional 5,586 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Bank of N.T. Butterfield & Son in the first quarter worth $1,019,000. Wealth Enhancement Advisory Services LLC increased its position in Bank of N.T. Butterfield & Son by 10.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock worth $376,000 after buying an additional 918 shares during the last quarter. GAMMA Investing LLC increased its position in Bank of N.T. Butterfield & Son by 216.7% during the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after buying an additional 921 shares during the last quarter. Finally, Cerity Partners LLC increased its position in Bank of N.T. Butterfield & Son by 64.7% during the first quarter. Cerity Partners LLC now owns 14,322 shares of the bank's stock worth $557,000 after buying an additional 5,626 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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

Bank of N.T. Butterfield & Son stock traded up $0.10 during midday trading on Tuesday, hitting $45.00. 171,660 shares of the stock were exchanged, compared to its average volume of 176,954. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.36 and a 52 week high of $46.89. The company has a fifty day simple moving average of $44.62 and a two-hundred day simple moving average of $41.02. The stock has a market capitalization of $2.14 billion, a PE ratio of 9.04 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its 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 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 net margin of 27.05% and a return on equity of 21.16%. During the same period in the prior year, the business earned $1.09 EPS. As a group, equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.4%. 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 (DPR) is currently 35.34%.

Analyst Upgrades and Downgrades

NTB has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Wells Fargo & Company raised their price objective 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. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th.

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.