Trexquant Investment LP Sells 28,047 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Trexquant Investment LP has reduced its stake in Bank of N.T. Butterfield & Son by 36.4%, now owning 49,028 shares worth approximately $1.91 million.
• Bank of N.T. Butterfield & Son declared a quarterly dividend of $0.50, marking an increase from the previous $0.44 dividend, resulting in an annualized yield of 4.4%.
• Wall Street analysts have raised their price targets for the bank's stock, with Wells Fargo increasing its target from $46 to $54 and maintaining an "overweight" rating.

Trexquant Investment LP cut its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 36.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,028 shares of the bank's stock after selling 28,047 shares during the period. Trexquant Investment LP owned approximately 0.10% of Bank of N.T. Butterfield & Son worth $1,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ieq Capital LLC raised its holdings in Bank of N.T. Butterfield & Son by 104.2% in the 1st quarter. Ieq Capital LLC now owns 27,552 shares of the bank's stock valued at $1,072,000 after acquiring an additional 14,062 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in Bank of N.T. Butterfield & Son in the 1st quarter valued at $1,117,000. Hsbc Holdings PLC acquired a new position in Bank of N.T. Butterfield & Son in the 1st quarter valued at $201,000. Northern Trust Corp raised its holdings in Bank of N.T. Butterfield & Son by 0.5% in the 1st quarter. Northern Trust Corp now owns 384,835 shares of the bank's stock valued at $14,978,000 after acquiring an additional 1,829 shares in the last quarter. Finally, Prospector Partners LLC raised its holdings in Bank of N.T. Butterfield & Son by 13.5% in the 1st quarter. Prospector Partners LLC now owns 108,575 shares of the bank's stock valued at $4,226,000 after acquiring an additional 12,900 shares in the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NTB has been the subject of several analyst reports. Wells Fargo & Company lifted 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 report on Thursday, July 10th. Raymond James Financial reaffirmed 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 report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted 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 report 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, the company has an average rating of "Moderate Buy" and an average target price of $51.33.

Bank of N.T. Butterfield & Son Stock Up 0.2%

Shares of NTB traded up $0.09 during midday trading on Wednesday, hitting $44.89. The company's stock had a trading volume of 113,356 shares, compared to its average volume of 180,015. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89. The company's fifty day simple moving average is $45.22 and its two-hundred day simple moving average is $41.93. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 9.01 and a beta of 0.67.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) 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 quarter last year, the company posted $1.09 EPS. On average, research analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a dividend of $0.50 per share. The ex-dividend date was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. 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 is presently 40.16%.

Bank of N.T. Butterfield & Son 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.