Prospector Partners LLC Increases Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Prospector Partners LLC has increased its stake in Bank of N.T. Butterfield & Son Limited by 13.5%, now owning 108,575 shares worth approximately $4.2 million.
• The bank recently declared a quarterly dividend of $0.50 per share, an increase from the previous $0.44, representing an annualized yield of 4.6%.
• Analyst ratings have improved, with Wells Fargo raising its target price for the stock from $46.00 to $54.00 and maintaining an "overweight" rating.

Prospector Partners LLC boosted its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 13.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 108,575 shares of the bank's stock after acquiring an additional 12,900 shares during the period. Prospector Partners LLC owned about 0.23% of Bank of N.T. Butterfield & Son worth $4,226,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legal & General Group Plc increased its stake in shares of Bank of N.T. Butterfield & Son by 5.1% during the fourth quarter. Legal & General Group Plc now owns 7,697 shares of the bank's stock worth $281,000 after acquiring an additional 374 shares during the period. Stifel Financial Corp increased its stake in shares of Bank of N.T. Butterfield & Son by 5.6% during the fourth quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock worth $302,000 after acquiring an additional 441 shares during the period. Quarry LP increased its stake in shares of Bank of N.T. Butterfield & Son by 19.7% during the fourth quarter. Quarry LP now owns 3,069 shares of the bank's stock worth $112,000 after acquiring an additional 505 shares during the period. Strategic Global Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 0.4% during the fourth quarter. Strategic Global Advisors LLC now owns 172,742 shares of the bank's stock worth $6,314,000 after acquiring an additional 681 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of Bank of N.T. Butterfield & Son by 4.6% during the first quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock worth $649,000 after acquiring an additional 739 shares during the period. 62.73% of the stock is owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE NTB opened at $43.70 on Monday. The company has a market capitalization of $2.08 billion, a PE ratio of 8.78 and a beta of 0.64. The firm's 50-day moving average is $44.76 and its two-hundred day moving average is $41.25. Bank of N.T. Butterfield & Son Limited has a 12-month low of $34.77 and a 12-month high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. The business 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 net margin of 27.05% and a return on equity of 21.16%. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, analysts forecast 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 will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.50 per share. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is 40.16%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Raymond James Financial restated an "outperform" rating and set a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Wells Fargo & Company upped their target price on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Friday, July 11th.

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.

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