Rhumbline Advisers Reduces Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Rhumbline Advisers reduced its stake in Bank of N.T. Butterfield & Son by 11.6%, owning approximately 82,273 shares valued at $3.2 million as of the latest SEC filing.
• Analysts have raised price targets for the bank's stock, with Wells Fargo increasing its target from $46 to $54, indicating a positive outlook.
• The bank recently increased its quarterly dividend from $0.44 to $0.50, representing an annualized yield of 4.4% and a payout ratio of 40.16%.

Rhumbline Advisers reduced its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 11.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,273 shares of the bank's stock after selling 10,751 shares during the period. Rhumbline Advisers owned approximately 0.17% of Bank of N.T. Butterfield & Son worth $3,202,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NTB. GAMMA Investing LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 216.7% during the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after purchasing an additional 921 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $72,000. Quarry LP grew its stake in Bank of N.T. Butterfield & Son by 8.4% in the 1st quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after acquiring an additional 258 shares during the period. Hsbc Holdings PLC purchased a new stake in Bank of N.T. Butterfield & Son in the 1st quarter worth approximately $201,000. Finally, Nisa Investment Advisors LLC grew its stake in Bank of N.T. Butterfield & Son by 885.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the bank's stock worth $269,000 after acquiring an additional 6,200 shares during the period. 62.73% of the stock is owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Stock Down 2.0%

Bank of N.T. Butterfield & Son stock traded down $0.91 during mid-day trading on Friday, reaching $44.82. The company had a trading volume of 565,769 shares, compared to its average volume of 167,106. The company has a 50 day moving average of $45.06 and a 200-day moving average of $42.24. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 9.00 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.77 and a 52 week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued 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 company 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 quarter in the previous year, the company earned $1.09 EPS. On average, analysts predict 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. Shareholders of record on Monday, August 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.5%. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is currently 40.16%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NTB shares. Keefe, Bruyette & Woods lifted 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. Wells Fargo & Company boosted their price objective 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 report on Thursday, July 10th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

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.