Towneley Capital Management Inc DE Makes New $1.43 Million Investment in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Towneley Capital Management initiated a new position in Bank of N.T. Butterfield & Son, buying 27,155 shares worth about $1.43 million in the first quarter. The stake represents 0.3% of its portfolio and makes NTB its 19th largest holding.
• Insider trading was mixed: CEO Michael W. Collins sold 20,621 shares for about $1.21 million, while Director Mark T. Lynch bought 10,000 shares for about $564,900. Overall, insiders sold more stock than they bought in the last quarter.
• The bank’s shares were trading near a 52-week high at $60.16, and it recently posted solid results with $1.55 EPS plus a 3.3% dividend yield. Analysts currently rate the stock Moderate Buy with an average price target of $56.33.

Towneley Capital Management Inc DE purchased a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 27,155 shares of the bank's stock, valued at approximately $1,425,000. Bank of N.T. Butterfield & Son accounts for 0.3% of Towneley Capital Management Inc DE's holdings, making the stock its 19th largest position. Towneley Capital Management Inc DE owned about 0.06% of Bank of N.T. Butterfield & Son at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bell Investment Advisors Inc lifted its stake in shares of Bank of N.T. Butterfield & Son by 284.4% in the 3rd 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 grew its position in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock worth $34,000 after acquiring an additional 523 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Bank of N.T. Butterfield & Son by 3,371.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank's stock worth $46,000 after acquiring an additional 1,045 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in Bank of N.T. Butterfield & Son in the 3rd quarter worth approximately $56,000. Finally, Los Angeles Capital Management LLC purchased a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $67,000. 62.73% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of N.T. Butterfield & Son

In related news, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction on 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 $3,562,754.94. The trade was a 25.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark T. Lynch acquired 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the transaction, the director owned 234,794 shares in the company, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 60,621 shares of company stock worth $3,557,496. 1.19% of the stock is currently owned by company insiders.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB opened at $60.16 on Friday. The stock's 50-day moving average is $56.86 and its 200 day moving average is $53.46. The company has a market cap of $2.52 billion, a PE ratio of 10.41 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a 1 year low of $40.59 and a 1 year high of $60.35.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The business had revenue of $155.93 million during the quarter. Analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have recently weighed in on NTB shares. Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday, June 8th. Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, April 6th. 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 research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $56.33.

Bank of N.T. Butterfield & Son Company Profile

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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