Hahn Capital Management LLC Cuts Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Hahn Capital Management LLC reduced its stake in Bank of N.T. Butterfield & Son by 10.4%, selling 10,784 shares and now holds 92,560 shares, making it the 26th largest holding for the firm.
• Bank of N.T. Butterfield & Son recently declared a quarterly dividend of $0.50 per share, an increase from the previous $0.44 dividend, resulting in a 4.4% yield.
• Analysts have provided positive ratings for the bank, with target prices increased significantly by firms like Wells Fargo and Raymond James, reflecting a consensus target price of $51.33.

Hahn Capital Management LLC lowered its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 92,560 shares of the bank's stock after selling 10,784 shares during the quarter. Bank of N.T. Butterfield & Son makes up approximately 1.7% of Hahn Capital Management LLC's portfolio, making the stock its 26th largest holding. Hahn Capital Management LLC owned about 0.19% of Bank of N.T. Butterfield & Son worth $3,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position 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 worth $52,000 after purchasing an additional 921 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at approximately $72,000. Quarry LP boosted its holdings in Bank of N.T. Butterfield & Son by 8.4% in the 1st quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after buying an additional 258 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its holdings in Bank of N.T. Butterfield & Son by 164.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock valued at $157,000 after acquiring an additional 2,666 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the first quarter worth $201,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NTB. Raymond James Financial reiterated 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 report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and an average price target of $51.33.

Bank of N.T. Butterfield & Son Price Performance

Bank of N.T. Butterfield & Son stock traded up $0.28 during mid-day trading on Wednesday, reaching $44.77. The stock had a trading volume of 47,764 shares, compared to its average volume of 177,760. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89. The company has a 50-day moving average price of $45.14 and a two-hundred day moving average price of $42.12. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 9.01 and a beta of 0.67.

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 earnings per share 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 business had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same period last year, the business earned $1.09 EPS. On average, equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Monday, August 11th. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's dividend payout ratio is 40.16%.

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.