Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Acquired 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 increased its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 364.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,573 shares of the bank's stock after purchasing 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.

A number of other large investors also recently bought and sold shares of NTB. Raymond James Financial Inc. purchased a new position in Bank of N.T. Butterfield & Son during the 4th quarter worth $219,000. Stifel Financial Corp raised its position in Bank of N.T. Butterfield & Son by 5.6% during the 4th quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock worth $302,000 after buying an additional 441 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Bank of N.T. Butterfield & Son by 14.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,502 shares of the bank's stock worth $640,000 after buying an additional 2,267 shares during the last quarter. Northern Trust Corp raised its position in Bank of N.T. Butterfield & Son by 22.0% during the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after buying an additional 69,066 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in Bank of N.T. Butterfield & Son by 267.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 20,600 shares of the bank's stock worth $753,000 after buying an additional 15,000 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NTB shares. Keefe, Bruyette & Woods increased their price target on shares of 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. Raymond James Financial reiterated 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. Finally, Wells Fargo & Company increased their price target on shares of 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. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.33.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB traded down $0.69 during mid-day trading on Friday, hitting $44.61. 182,179 shares of the company's stock traded hands, compared to its average volume of 188,743. The firm's 50 day simple moving average is $45.25 and its 200 day simple moving average is $41.83. Bank of N.T. Butterfield & Son Limited has a 1 year low of $34.77 and a 1 year high of $46.89. The company has a market cap of $2.12 billion, a PE ratio of 8.96 and a beta of 0.67.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $146.30 million during the quarter, compared to the consensus estimate of $146.91 million. During the same period last year, the firm posted $1.09 EPS. On average, research analysts expect 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 company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.5%. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is presently 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.