Russell Investments Group Ltd. Has $3.54 Million Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Russell Investments Group Ltd. increased its stake in Bank of N.T. Butterfield & Son by 106%, acquiring a total of 90,861 shares valued at approximately $3.54 million.
• The bank's quarterly earnings surpassed estimates, reporting earnings per share of $1.26, exceeding the consensus forecast of $1.15 by $0.11.
• Bank of N.T. Butterfield & Son announced a dividend increase to $0.50 per share, reflecting a 4.4% dividend yield, up from the previous $0.44 quarterly dividend.

Russell Investments Group Ltd. boosted its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 106.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,861 shares of the bank's stock after acquiring an additional 46,763 shares during the period. Russell Investments Group Ltd. owned approximately 0.19% of Bank of N.T. Butterfield & Son worth $3,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Bank of N.T. Butterfield & Son by 216.7% during 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. Lazard Asset Management LLC bought a new position in Bank of N.T. Butterfield & Son during the fourth quarter valued at about $72,000. Quarry LP increased its stake in Bank of N.T. Butterfield & Son by 19.7% during the fourth quarter. Quarry LP now owns 3,069 shares of the bank's stock valued at $112,000 after acquiring an additional 505 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in Bank of N.T. Butterfield & Son by 164.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock valued at $157,000 after acquiring an additional 2,666 shares during the period. Finally, PDT Partners LLC bought a new position in Bank of N.T. Butterfield & Son during the fourth quarter valued at about $217,000. 62.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NTB shares. Raymond James Financial reiterated 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. Wells Fargo & Company upped 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 research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their price objective on 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock traded up $0.15 during trading hours on Friday, reaching $45.11. The company had a trading volume of 305,015 shares, compared to its average volume of 185,013. The company has a 50 day moving average of $45.20 and a 200 day moving average of $41.67. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 9.06 and a beta of 0.64. Bank of N.T. Butterfield & Son Limited has a 1-year low of $34.77 and a 1-year high of $46.89.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $146.30 million for the quarter, compared to the consensus estimate of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.During the same quarter in the prior year, the business posted $1.09 EPS. As a group, sell-side analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a dividend of $0.50 per share. This is a boost from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.4%. Bank of N.T. Butterfield & Son's dividend 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.