Strs Ohio Invests $736,000 in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Strs Ohio acquired 18,900 shares of Bank of N.T. Butterfield & Son, valued at approximately $736,000, contributing to institutional investors holding 62.73% of the stock.
• Analyst ratings for the bank have improved, with Wells Fargo raising their target price from $46.00 to $54.00, indicating a strong outlook.
• The bank recently announced a quarterly dividend increase to $0.50 per share, demonstrating a commitment to returning value to shareholders with a yield of 4.5%.

Strs Ohio acquired a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 18,900 shares of the bank's stock, valued at approximately $736,000.

A number of other hedge funds have also made changes to their positions in NTB. Allspring Global Investments Holdings LLC boosted 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 valued at $4,270,000 after purchasing an additional 5,586 shares during the period. Hsbc Holdings PLC bought a new stake in Bank of N.T. Butterfield & Son during the 1st quarter valued at approximately $201,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Bank of N.T. Butterfield & Son during the 1st quarter valued at approximately $1,019,000. Wealth Enhancement Advisory Services LLC boosted 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 valued at $376,000 after purchasing an additional 918 shares during the period. Finally, GAMMA Investing LLC boosted 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 valued at $52,000 after purchasing an additional 921 shares during the period. Institutional investors and hedge funds own 62.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NTB shares. Keefe, Bruyette & Woods increased their target price 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. Wells Fargo & Company upped their price target on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 price target (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on 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 Stock Performance

Shares of NTB stock traded up $0.37 during trading hours on Tuesday, hitting $45.00. The company had a trading volume of 20,462 shares, compared to its average volume of 179,390. Bank of N.T. Butterfield & Son Limited has a 12 month low of $34.77 and a 12 month high of $46.89. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 9.04 and a beta of 0.67. The firm's fifty day moving average is $45.02 and its 200 day moving average is $42.36.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $146.30 million for the quarter, compared to analyst estimates of $146.91 million. During the same period in the prior year, the company posted $1.09 EPS. On average, sell-side 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 announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 11th. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 40.16%.

Bank of N.T. Butterfield & Son Company 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.