Ritholtz Wealth Management Invests $1.38 Million in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Ritholtz Wealth Management bought a new stake in Bank of N.T. Butterfield & Son, purchasing 26,336 shares worth about $1.38 million in the first quarter.
• Insider activity was mixed: director Mark T. Lynch bought 10,000 shares, while CEO Michael W. Collins sold 20,621 shares. Insiders currently own just 1.19% of the stock.
• The bank reported solid recent results with $1.55 EPS and revenue of $155.93 million, and it pays a quarterly dividend of $0.50 per share, implying a 3.3% yield.

Ritholtz Wealth Management purchased a new stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 26,336 shares of the bank's stock, valued at approximately $1,382,000. Ritholtz Wealth Management owned 0.06% of Bank of N.T. Butterfield & Son at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bell Investment Advisors Inc increased its position in shares of Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank's stock valued at $26,000 after acquiring an additional 455 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after acquiring an additional 523 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank's stock valued at $46,000 after purchasing an additional 1,045 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in Bank of N.T. Butterfield & Son during the third quarter worth approximately $56,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $67,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Mark T. Lynch acquired 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $56.49 per share, with a total value of $564,900.00. Following the purchase, the director owned 234,794 shares in the company, valued at $13,263,513.06. This trade represents a 4.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael W. Collins sold 20,621 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the sale, the chief executive officer owned 60,622 shares in the company, valued at approximately $3,562,754.94. The trade was a 25.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 60,621 shares of company stock valued at $3,557,496. 1.19% of the stock is owned by company insiders.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $60.16 on Monday. The stock has a market capitalization of $2.52 billion, a P/E ratio of 10.41 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $60.35. The stock has a fifty day moving average of $56.86 and a 200-day moving average of $53.49.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its earnings results on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. The firm had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. On average, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were given a $0.50 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 annualized dividend and a yield of 3.3%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 34.60%.

Analyst Ratings Changes

A number of research analysts have commented on NTB shares. Weiss Ratings raised Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, April 6th. Wells Fargo & Company boosted their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research report on Monday, June 8th. Finally, Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $56.33.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

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