Squarepoint Ops LLC Sells 26,054 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Squarepoint Ops LLC cut its Bank of N.T. Butterfield & Son stake by 42.7% in the second quarter, selling 26,054 shares and retaining 34,988 shares valued at about $2.08 million. Hedge funds and institutional investors collectively own 62.73% of NTB.
• Company insiders have sold heavily, including CEO Michael Collins’ sale of 61,178 shares and director John Wright’s sale of 5,000 shares. Insiders sold approximately $18.15 million worth of stock over the past 90 days.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $63.50, compared with a recent share price of $59.91. NTB reported quarterly EPS of $1.58 and maintains a quarterly dividend of $0.50, yielding about 3.3% annually.

Squarepoint Ops LLC decreased its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 42.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,988 shares of the bank's stock after selling 26,054 shares during the quarter. Squarepoint Ops LLC owned 0.08% of Bank of N.T. Butterfield & Son worth $2,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Bank of N.T. Butterfield & Son by 72.9% in the second quarter. Allworth Financial LP now owns 1,345 shares of the bank's stock valued at $80,000 after purchasing an additional 567 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 108.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,346 shares of the bank's stock valued at $67,000 after purchasing an additional 701 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in Bank of N.T. Butterfield & Son by 824.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,134 shares of the bank's stock valued at $156,000 after purchasing an additional 2,795 shares in the last quarter. Corient Private Wealth LP bought a new position in Bank of N.T. Butterfield & Son during the second quarter valued at $273,000. Finally, SkyOak Wealth LLC bought a new position in Bank of N.T. Butterfield & Son during the first quarter valued at $274,000. 62.73% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of N.T. Butterfield & Son

In other news, Director John Wright sold 5,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $59.50, for a total value of $297,500.00. Following the completion of the sale, the director owned 5,102 shares in the company, valued at approximately $303,569. This trade represents a 49.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Collins sold 61,178 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $59.67, for a total transaction of $3,650,491.26. Following the transaction, the chief executive officer directly owned 132,037 shares of the company's stock, valued at approximately $7,878,647.79. This represents a 31.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 295,808 shares of company stock worth $18,154,010. 1.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NTB. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Finally, Wells Fargo & Company increased their price target 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 report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $63.50.

Bank of N.T. Butterfield & Son Stock Performance

NYSE NTB opened at $59.91 on Tuesday. The business's 50 day moving average price is $60.81 and its 200-day moving average price is $57.22. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $40.59 and a fifty-two week high of $64.17. The company has a market cap of $2.51 billion, a P/E ratio of 10.53 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. The company had revenue of $159.00 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. As a group, equities analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 35.15%.

Bank of N.T. Butterfield & Son Profile

The Bank of N.T. Butterfield & Son Limited is a full-service bank headquartered in Bermuda and listed on the New York Stock Exchange under the symbol NTB. Founded in 1858, the bank serves individuals, businesses, institutions and governments through a range of banking and financial services.

Butterfield's principal services include personal and commercial banking, residential and commercial lending, deposits, credit and debit cards, foreign exchange and treasury services. Through its wealth management operations, the company also provides investment management, trust and estate administration, custody and related fiduciary services.

The bank operates primarily in Bermuda, the Cayman Islands, the Channel Islands and the United Kingdom.

Want to see what other hedge funds are holding NTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.