Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. has decreased its stake in Bank of N.T. Butterfield & Son by 27.4%, now holding approximately 66,489 shares valued at $2.59 million.
• Several institutional investors have increased their positions in the bank, including GAMMA Investing LLC, which raised its stake by 216.7% in the first quarter.
• Analysts have recently adjusted their price targets for Bank of N.T. Butterfield & Son, with Wells Fargo increasing its target to $54.00 and Keefe, Bruyette & Woods raising it to $50.00.

Envestnet Asset Management Inc. cut its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 27.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,489 shares of the bank's stock after selling 25,051 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of Bank of N.T. Butterfield & Son worth $2,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NTB. Allspring Global Investments Holdings LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 5.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock valued at $4,270,000 after buying an additional 5,586 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 10.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock worth $376,000 after purchasing an additional 918 shares in the last quarter. GAMMA Investing LLC grew its stake 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 valued at $52,000 after acquiring an additional 921 shares in the last quarter. SG Americas Securities LLC purchased a new position in Bank of N.T. Butterfield & Son during the first quarter valued at $350,000. Finally, Two Sigma Advisers LP grew its stake in shares of Bank of N.T. Butterfield & Son by 190.7% in the 4th quarter. Two Sigma Advisers LP now owns 21,800 shares of the bank's stock worth $797,000 after buying an additional 14,300 shares in the last quarter. 62.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised 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. Wells Fargo & Company lifted 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, Raymond James Financial reissued an "outperform" rating and set a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th.

Bank of N.T. Butterfield & Son Stock Down 1.4%

Shares of Bank of N.T. Butterfield & Son stock traded down $0.64 during trading hours on Friday, reaching $44.87. 46,169 shares of the company's stock were exchanged, compared to its average volume of 177,466. Bank of N.T. Butterfield & Son Limited has a 1 year low of $33.04 and a 1 year high of $46.89. The company has a market capitalization of $2.13 billion, a P/E ratio of 9.01 and a beta of 0.64. The business has a fifty day moving average of $44.20 and a two-hundred day moving average of $40.54.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. The company had revenue of $146.30 million for the quarter, compared to analysts' expectations of $146.91 million. During the same quarter in the prior year, the company posted $1.09 earnings per share. As a group, research analysts predict 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 business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a $0.50 dividend. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, August 11th. 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.