LSV Asset Management Has $41.05 Million Stock Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• LSV Asset Management increased its stake in Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter, adding 172,666 shares and bringing its total holdings to 823,925 shares worth about $41.05 million.
• The bank reported solid recent performance, posting $1.55 EPS and $93.29 million in quarterly revenue, with a 21.92% return on equity and a 30.22% net margin.
• Butterfield also announced a $3 million share buyback and a quarterly dividend of $0.50 per share, equal to a 3.6% yield; analysts currently have a consensus Moderate Buy rating with a $55.00 price target.

LSV Asset Management boosted its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 26.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 823,925 shares of the bank's stock after buying an additional 172,666 shares during the quarter. LSV Asset Management's holdings in Bank of N.T. Butterfield & Son were worth $41,048,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. American Century Companies Inc. raised its position in Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank's stock valued at $65,140,000 after buying an additional 140,041 shares during the last quarter. Invesco Ltd. raised its position in Bank of N.T. Butterfield & Son by 5.3% in the 3rd quarter. Invesco Ltd. now owns 965,753 shares of the bank's stock valued at $41,450,000 after buying an additional 48,368 shares during the last quarter. Millennium Management LLC raised its position in Bank of N.T. Butterfield & Son by 119.4% in the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank's stock valued at $16,985,000 after buying an additional 215,397 shares during the last quarter. Qube Research & Technologies Ltd raised its position in Bank of N.T. Butterfield & Son by 93.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank's stock valued at $13,401,000 after buying an additional 150,518 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Bank of N.T. Butterfield & Son by 34.5% in the 2nd quarter. AQR Capital Management LLC now owns 208,712 shares of the bank's stock valued at $9,242,000 after buying an additional 53,513 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Stock Up 0.1%

NYSE:NTB opened at $56.09 on Monday. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 9.70 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a twelve month low of $40.59 and a twelve month high of $57.84. The stock's 50 day moving average price is $54.34 and its two-hundred day moving average price is $51.47.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. The firm had revenue of $93.29 million for 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, analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.32 earnings per share for the current year.

Bank of N.T. Butterfield & Son declared that its Board of Directors has approved a stock buyback program on Monday, February 9th that allows the company to buyback $3.00 million in shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, May 13th. Bank of N.T. Butterfield & Son's payout ratio is currently 34.60%.

Wall Street Analyst Weigh In

NTB has been the topic of a number of recent research reports. Wells Fargo & Company lifted their target price on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, February 12th. Zacks Research lowered Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Keefe, Bruyette & Woods boosted their price target on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings raised Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.