Denali Advisors LLC Reduces Stock Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Denali Advisors LLC decreased its stake in Bank of N.T. Butterfield & Son by 11.8%, selling 20,132 shares, and now owns 150,254 shares valued at approximately $6.65 million.
• The bank recently announced an increase in its quarterly dividend to $0.50 per share, representing a yield of 4.8% and a dividend payout ratio of 40.16%.
• Analysts have set a new average price target of $50.00 for Bank of N.T. Butterfield & Son, with ratings ranging from "strong buy" to "hold" from several institutions.

Denali Advisors LLC lowered its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 11.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 150,254 shares of the bank's stock after selling 20,132 shares during the period. Denali Advisors LLC owned 0.32% of Bank of N.T. Butterfield & Son worth $6,653,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter valued at $27,000. AdvisorNet Financial Inc boosted its stake in shares of Bank of N.T. Butterfield & Son by 207.4% during the second quarter. AdvisorNet Financial Inc now owns 830 shares of the bank's stock valued at $37,000 after acquiring an additional 560 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 valued at $52,000 after acquiring an additional 921 shares during the last quarter. Quarry LP boosted its stake 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 valued at $129,000 after acquiring an additional 258 shares during the last quarter. Finally, Longboard Asset Management LP acquired a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter valued at $210,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Price Performance

Bank of N.T. Butterfield & Son stock opened at $41.97 on Wednesday. The stock's 50-day moving average is $43.86 and its 200-day moving average is $42.95. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 8.43 and a beta of 0.61. Bank of N.T. Butterfield & Son Limited has a 12 month low of $34.77 and a 12 month high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to the consensus estimate 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 last year, the business posted $1.09 EPS. Research analysts anticipate 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.8%. This is a boost 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 presently 40.16%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Keefe, Bruyette & Woods increased their price objective on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Friday, July 11th. Wells Fargo & Company reissued an "equal weight" rating and issued a $50.00 price target (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. Raymond James Financial reissued 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 research note on Tuesday, July 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 8th. Finally, Zacks Research raised Bank of N.T. Butterfield & Son from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $50.00.

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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