Globeflex Capital L P Has $6.50 Million Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Globeflex Capital L P increased its stake in Bank of N.T. Butterfield & Son by 24.1% in the fourth quarter, bringing its holdings to 130,399 shares worth about $6.5 million.
• Insider buying was notable: Director Mark T. Lynch bought 10,000 shares at $56.49 each, boosting his position by 4.45% and signaling confidence in the stock.
• The bank recently reported earnings of $1.55 per share, paid a $0.50 quarterly dividend, and has a new $3 million share repurchase program in place.

Globeflex Capital L P boosted its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 24.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,399 shares of the bank's stock after purchasing an additional 25,349 shares during the period. Bank of N.T. Butterfield & Son accounts for about 1.0% of Globeflex Capital L P's portfolio, making the stock its 24th biggest holding. Globeflex Capital L P's holdings in Bank of N.T. Butterfield & Son were worth $6,496,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bell Investment Advisors Inc increased its stake in shares of Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank's stock valued at $26,000 after buying an additional 455 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after buying an additional 523 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Bank of N.T. Butterfield & Son by 234.1% in the third quarter. Jones Financial Companies Lllp now owns 959 shares of the bank's stock valued at $42,000 after buying an additional 672 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank's stock valued at $46,000 after buying an additional 1,045 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the third quarter valued at about $56,000. Institutional investors and hedge funds own 62.73% of the company's stock.

Insider Buying and Selling

In other Bank of N.T. Butterfield & Son news, Director Mark T. Lynch bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $56.49 per share, with a total value of $564,900.00. Following the completion of the purchase, the director directly owned 234,794 shares of the company's stock, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on NTB shares. Weiss Ratings raised Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, April 6th. Wells Fargo & Company increased their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an "equal weight" rating in a research note on Thursday, February 12th. Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a "market perform" rating in a research note on Wednesday, February 11th. Finally, Zacks Research cut Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $55.00.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $57.64 on Friday. The business has a 50 day simple moving average of $55.36 and a 200 day simple moving average of $52.15. Bank of N.T. Butterfield & Son Limited has a one year low of $40.59 and a one year high of $58.06. The stock has a market capitalization of $2.42 billion, a P/E ratio of 9.97 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its earnings results on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The business had revenue of $155.93 million during the quarter. Equities analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current year.

Bank of N.T. Butterfield & Son announced that its board has approved a stock repurchase program on Monday, February 9th that allows the company to buyback $3.00 million in shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $2.00 annualized dividend and a yield of 3.5%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 34.60%.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

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