Rhumbline Advisers Has $3.20 Million Stock Holdings 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 trimmed its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 11.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,273 shares of the bank's stock after selling 10,751 shares during the quarter. Rhumbline Advisers owned about 0.17% of Bank of N.T. Butterfield & Son worth $3,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NTB. Allspring Global Investments Holdings LLC raised its stake in Bank of N.T. Butterfield & Son by 5.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock worth $4,270,000 after buying an additional 5,586 shares during the period. Hsbc Holdings PLC acquired a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $201,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $1,019,000. Wealth Enhancement Advisory Services LLC raised its stake in Bank of N.T. Butterfield & Son by 10.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock worth $376,000 after buying an additional 918 shares during the period. Finally, GAMMA Investing LLC raised its stake in 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 buying an additional 921 shares during the period. 62.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NTB. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods raised their target price on 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. Finally, Wells Fargo & Company raised their target price on 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. Two 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB opened at $45.13 on Tuesday. 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 $2.15 billion, a PE ratio of 9.06 and a beta of 0.67. The stock's 50-day moving average is $45.17 and its 200 day moving average is $42.11.

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, topping analysts' consensus estimates of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.The firm had revenue of $146.30 million for the quarter, compared to the consensus estimate of $146.91 million. During the same quarter in the prior year, the business earned $1.09 EPS. Analysts expect 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a $0.50 dividend. This is a boost 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. This represents a $2.00 annualized dividend and a yield of 4.4%. Bank of N.T. Butterfield & Son's payout ratio is currently 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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