Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Bought by PDT Partners LLC

Key Points

• PDT Partners LLC significantly increased its stake in Bank of N.T. Butterfield & Son by 364.3% in the first quarter, now owning 27,573 shares valued at $1,073,000.
• Analysts are optimistic about the bank's stock, with Wells Fargo raising the target price from $46 to $54, resulting in an average target price of $51.33 and a consensus rating of "Moderate Buy."
• The bank recently announced an increase in its quarterly dividend from $0.44 to $0.50 per share, reflecting an annualized dividend yield of 4.5%.

PDT Partners LLC grew its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 364.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,573 shares of the bank's stock after acquiring an additional 21,634 shares during the period. PDT Partners LLC owned 0.06% of Bank of N.T. Butterfield & Son worth $1,073,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 216.7% in the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock valued at $52,000 after buying an additional 921 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $72,000. Quarry LP raised its holdings in shares of Bank of N.T. Butterfield & Son by 8.4% in the first quarter. Quarry LP now owns 3,327 shares of the bank's stock valued at $129,000 after purchasing an additional 258 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Bank of N.T. Butterfield & Son by 164.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock worth $157,000 after purchasing an additional 2,666 shares during the period. Finally, Hsbc Holdings PLC bought a new position in Bank of N.T. Butterfield & Son during the first quarter worth $201,000. 62.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NTB has been the subject of several research analyst reports. Raymond James Financial reissued an "outperform" rating and set a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Wells Fargo & Company upped their target price on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Bank of N.T. Butterfield & Son Price Performance

NTB stock traded up $0.21 during midday trading on Tuesday, hitting $45.07. The stock had a trading volume of 30,809 shares, compared to its average volume of 178,893. The business has a 50-day moving average of $45.26 and a two-hundred day moving average of $41.89. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.89. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 9.04 and a beta of 0.67.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $146.30 million for the quarter, compared to the consensus estimate 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 prior year, the company posted $1.09 earnings per share. Research analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.4%. This is an increase 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 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.