Prospector Partners LLC Purchases 12,900 Shares of 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 increased its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 13.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,575 shares of the bank's stock after purchasing an additional 12,900 shares during the quarter. Prospector Partners LLC owned 0.23% of Bank of N.T. Butterfield & Son worth $4,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in Bank of N.T. Butterfield & Son by 10.0% during the 1st quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank's stock valued at $48,930,000 after acquiring an additional 114,367 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Bank of N.T. Butterfield & Son by 106.0% in the 1st quarter. Russell Investments Group Ltd. now owns 90,861 shares of the bank's stock worth $3,536,000 after buying an additional 46,763 shares during the last quarter. Invesco Ltd. lifted its position in shares of Bank of N.T. Butterfield & Son by 1.7% in the 1st quarter. Invesco Ltd. now owns 883,728 shares of the bank's stock worth $34,395,000 after buying an additional 14,840 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Bank of N.T. Butterfield & Son by 8.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after acquiring an additional 78,342 shares during the period. Finally, LSV Asset Management increased its holdings in shares of Bank of N.T. Butterfield & Son by 53.9% in the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank's stock worth $20,809,000 after acquiring an additional 187,160 shares during the period. 62.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Wells Fargo & Company raised their target price on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised their target price 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 research note on Friday, July 11th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Trading Up 3.0%

Shares of NTB traded up $1.3190 during midday trading on Friday, hitting $45.4790. The stock had a trading volume of 251,214 shares, compared to its average volume of 181,957. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $34.77 and a fifty-two week high of $46.89. The business has a 50-day simple moving average of $44.91 and a two-hundred day simple moving average of $41.44. The firm has a market cap of $2.16 billion, a P/E ratio of 9.13 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted 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 business had revenue of $146.30 million during the quarter, compared to analysts' expectations 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 period last year, the company posted $1.09 earnings per share. On average, 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 business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be issued 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 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is 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.