Quantbot Technologies LP Sells 11,994 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Quantbot Technologies LP sold 11,994 shares of Bank of N.T. Butterfield & Son, reducing its stake by 66.7% to 6,000 shares, valued at $234,000.
• Bank of N.T. Butterfield & Son recently increased its quarterly dividend from $0.44 to $0.50, resulting in an annualized yield of 4.4%.
• Multiple brokerages have raised their price targets for the bank, with Wells Fargo setting a new target of $54.00 and maintaining an "overweight" rating.

Quantbot Technologies LP reduced its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 66.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,000 shares of the bank's stock after selling 11,994 shares during the period. Quantbot Technologies LP's holdings in Bank of N.T. Butterfield & Son were worth $234,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its holdings in Bank of N.T. Butterfield & Son by 5.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock valued at $4,270,000 after purchasing an additional 5,586 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $1,019,000. Wealth Enhancement Advisory Services LLC boosted its stake in Bank of N.T. Butterfield & Son by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock valued at $376,000 after buying an additional 918 shares in the last quarter. GAMMA Investing LLC grew its position in Bank of N.T. Butterfield & Son by 216.7% in the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock valued at $52,000 after acquiring an additional 921 shares during the period. Finally, Cerity Partners LLC grew its position in Bank of N.T. Butterfield & Son by 64.7% in the first quarter. Cerity Partners LLC now owns 14,322 shares of the bank's stock valued at $557,000 after acquiring an additional 5,626 shares during the period. Institutional investors and hedge funds own 62.73% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NTB. Wells Fargo & Company lifted their price objective 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. Raymond James Financial reiterated 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 report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods boosted 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 research report on Friday, July 11th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB opened at $45.33 on Thursday. The business has a fifty day moving average of $45.10 and a 200-day moving average of $41.59. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.77 and a twelve month high of $46.89. The firm has a market cap of $2.15 billion, a PE ratio of 9.10 and a beta of 0.64.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $146.91 million. During the same quarter in the prior year, the firm earned $1.09 EPS. On average, analysts anticipate 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 was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.50 dividend. 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 dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) 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.

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