26,171 Shares in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC purchased 26,171 shares of Bank of N.T. Butterfield & Son, valued at approximately $1,019,000, representing around 0.06% of the bank's stock.
• Analysts have increased their price targets for NTB shares, with Wells Fargo raising their target from $46.00 to $54.00 and giving the stock an "overweight" rating.
• The bank announced a quarterly dividend increase from $0.44 to $0.50 per share, reflecting a positive shift in its annual dividend yield to 4.5%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,171 shares of the bank's stock, valued at approximately $1,019,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management owned 0.06% of Bank of N.T. Butterfield & Son as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Invesco Ltd. raised its holdings in Bank of N.T. Butterfield & Son by 3.3% in the 4th quarter. Invesco Ltd. now owns 868,888 shares of the bank's stock valued at $31,758,000 after acquiring an additional 27,619 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Bank of N.T. Butterfield & Son by 10.7% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 600,603 shares of the bank's stock valued at $21,952,000 after buying an additional 57,815 shares during the period. Northern Trust Corp lifted its position in shares of Bank of N.T. Butterfield & Son by 22.0% during the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after purchasing an additional 69,066 shares during the last quarter. LSV Asset Management lifted its position in shares of Bank of N.T. Butterfield & Son by 63.8% during the 4th quarter. LSV Asset Management now owns 347,499 shares of the bank's stock worth $12,701,000 after purchasing an additional 135,399 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Bank of N.T. Butterfield & Son by 84.7% during 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 in the last quarter. Hedge funds and other institutional investors own 62.73% of the company's stock.

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

Shares of NTB traded down $0.11 during midday trading on Tuesday, hitting $45.86. The stock had a trading volume of 44,955 shares, compared to its average volume of 177,190. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $33.88 and a fifty-two week high of $46.89. The business has a 50-day simple moving average of $44.34 and a two-hundred day simple moving average of $40.71. The firm has a market cap of $2.18 billion, a P/E ratio of 9.19 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The business 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 net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the company posted $1.09 earnings per share. On average, analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be issued a $0.50 dividend. This is a boost 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 yield of 4.4%. Bank of N.T. Butterfield & Son's payout ratio is presently 35.34%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NTB. Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Wells Fargo & Company increased 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 research report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their target price on shares of 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.

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.