Jennison Associates LLC Purchases New Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Jennison Associates opened a new position in Bank of N.T. Butterfield & Son, buying 20,650 shares valued at about $1.084 million in the first quarter.
• Institutional ownership remains heavy, with several funds adding to their stakes; the article notes that 62.73% of NTB shares are held by institutional investors and hedge funds.
• Insider activity was mixed: Director Mark T. Lynch bought 10,000 shares, while CEO Michael W. Collins sold 20,621 shares, even as the stock traded near its 52-week high at $60.71.

Jennison Associates LLC acquired a new position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 20,650 shares of the bank's stock, valued at approximately $1,084,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in Bank of N.T. Butterfield & Son by 6.3% during the 4th quarter. Invesco Ltd. now owns 1,026,549 shares of the bank's stock valued at $51,143,000 after purchasing an additional 60,796 shares during the period. Nuveen LLC grew its position in shares of Bank of N.T. Butterfield & Son by 1.2% during the 4th quarter. Nuveen LLC now owns 906,502 shares of the bank's stock worth $45,162,000 after buying an additional 10,852 shares during the period. LSV Asset Management grew its position in shares of Bank of N.T. Butterfield & Son by 26.5% during the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank's stock worth $41,048,000 after buying an additional 172,666 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Bank of N.T. Butterfield & Son by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 704,254 shares of the bank's stock worth $35,086,000 after buying an additional 10,967 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 119.4% during the third quarter. Millennium Management LLC now owns 395,731 shares of the bank's stock worth $16,985,000 after buying an additional 215,397 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of N.T. Butterfield & Son

In other news, Director Mark T. Lynch purchased 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $56.49 per share, with a total value of $564,900.00. Following the completion of the transaction, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. This trade represents a 4.45% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael W. Collins sold 20,621 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly owned 60,622 shares of the company's stock, valued at $3,562,754.94. This trade represents a 25.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 60,621 shares of company stock valued at $3,557,496 in the last ninety days. Insiders own 1.19% of the company's stock.

Bank of N.T. Butterfield & Son Trading Down 0.7%

Shares of NTB opened at $60.71 on Thursday. Bank of N.T. Butterfield & Son Limited has a 1 year low of $40.59 and a 1 year high of $62.46. The stock has a market cap of $2.54 billion, a P/E ratio of 10.50 and a beta of 0.51. The stock's 50-day moving average price is $58.54 and its two-hundred day moving average price is $54.73.

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

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 34.60%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NTB. Weiss Ratings restated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Wells Fargo & Company lifted their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a report on Monday, June 8th. Finally, Zacks Research cut shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.50.

Bank of N.T. Butterfield & Son Company Profile

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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