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

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 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 about 0.06% of Bank of N.T. Butterfield & Son as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $5,700,000. Millennium Management LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 84.7% in the fourth quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock worth $11,943,000 after purchasing an additional 149,803 shares during the last quarter. LSV Asset Management increased its holdings in Bank of N.T. Butterfield & Son by 63.8% in the fourth quarter. LSV Asset Management now owns 347,499 shares of the bank's stock valued at $12,701,000 after purchasing an additional 135,399 shares during the period. Northern Trust Corp raised its position in 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. Finally, Cubist Systematic Strategies LLC raised its position in Bank of N.T. Butterfield & Son by 124.0% during the 4th quarter. Cubist Systematic Strategies LLC now owns 122,106 shares of the bank's stock worth $4,463,000 after purchasing an additional 67,593 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NTB shares. Raymond James Financial reissued 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 research note on Tuesday, July 8th. Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company raised their price target 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.

Bank of N.T. Butterfield & Son Trading Down 1.8%

Shares of NTB opened at $44.69 on Friday. The firm's fifty day simple moving average is $44.26 and its two-hundred day simple moving average is $40.59. Bank of N.T. Butterfield & Son Limited has a 12 month low of $33.04 and a 12 month high of $46.89. The stock has a market capitalization of $2.12 billion, a P/E ratio of 8.97 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 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $1.09 EPS. As a group, research 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a dividend of $0.50 per share. This is a positive change 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 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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