Davis Selected Advisers Sells 7,983 Shares of 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 reduced its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 0.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,068,441 shares of the bank's stock after selling 7,983 shares during the quarter. Davis Selected Advisers owned 2.25% of Bank of N.T. Butterfield & Son worth $41,584,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its holdings in Bank of N.T. Butterfield & Son by 5.1% during the fourth quarter. Legal & General Group Plc now owns 7,697 shares of the bank's stock worth $281,000 after buying an additional 374 shares during the period. Stifel Financial Corp raised its position in shares of Bank of N.T. Butterfield & Son by 5.6% in the 4th quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock worth $302,000 after acquiring an additional 441 shares in the last quarter. Quarry LP lifted its stake in shares of Bank of N.T. Butterfield & Son by 19.7% during the 4th quarter. Quarry LP now owns 3,069 shares of the bank's stock worth $112,000 after purchasing an additional 505 shares during the last quarter. Strategic Global Advisors LLC lifted its stake in shares of Bank of N.T. Butterfield & Son by 0.4% during the 4th quarter. Strategic Global Advisors LLC now owns 172,742 shares of the bank's stock worth $6,314,000 after purchasing an additional 681 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in Bank of N.T. Butterfield & Son by 4.6% during the first quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock valued at $649,000 after purchasing an additional 739 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NTB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price 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. Raymond James Financial reiterated an "outperform" rating and set a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company raised their target price on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $44.79 on Friday. Bank of N.T. Butterfield & Son Limited has a one year low of $34.35 and a one year high of $46.89. The stock has a market cap of $2.13 billion, a PE ratio of 8.99 and a beta of 0.64. The stock has a 50-day moving average of $44.52 and a two-hundred day moving average of $40.83.

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 EPS 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 net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the firm posted $1.09 EPS. As a group, sell-side analysts predict 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 issued a $0.50 dividend. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. Bank of N.T. Butterfield & Son's payout ratio is currently 35.34%.

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.

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