Kingswood Wealth Advisors LLC Invests $334,000 in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Kingswood Wealth Advisors LLC invested approximately $334,000 in Bank of N.T. Butterfield & Son, acquiring 7,540 shares during the second quarter.
• Analysts have recently set a new price target for NTB, with Raymond James raising it to $50.00 while maintaining an "outperform" rating.
• The bank announced a quarterly dividend increase to $0.50 per share, reflecting a 4.8% yield based on its annualized dividend payout.

Kingswood Wealth Advisors LLC purchased a new position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,540 shares of the bank's stock, valued at approximately $334,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NTB. Allspring Global Investments Holdings LLC increased its position in Bank of N.T. Butterfield & Son by 5.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock worth $4,270,000 after purchasing an additional 5,586 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in Bank of N.T. Butterfield & Son during the 1st quarter worth about $201,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Bank of N.T. Butterfield & Son during the 1st quarter worth about $1,019,000. Wealth Enhancement Advisory Services LLC increased its position in Bank of N.T. Butterfield & Son by 10.5% during the 1st 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. Finally, GAMMA Investing LLC increased its position in Bank of N.T. Butterfield & Son by 216.7% during the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after purchasing an additional 921 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.

Analysts Set New Price Targets

NTB has been the subject of a number of recent research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of N.T. Butterfield & Son in a research report on Wednesday. Raymond James Financial restated 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 report on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and issued a $50.00 price target (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a report on Monday, September 29th. Zacks Research upgraded Bank of N.T. Butterfield & Son from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods lifted 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 report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $41.51 on Friday. The firm has a market capitalization of $1.97 billion, a P/E ratio of 8.34 and a beta of 0.61. Bank of N.T. Butterfield & Son Limited has a 1-year low of $34.77 and a 1-year high of $46.89. The business's 50-day simple moving average is $44.34 and its 200-day simple moving average is $42.76.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm 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 period in the previous year, the company posted $1.09 EPS. On average, equities research analysts expect 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 declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a dividend of $0.50 per share. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.8%. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 40.16%.

About Bank of N.T. Butterfield & Son

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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