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 decreased its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 36.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 reporting period.

A number of other large investors have also added to or reduced their stakes in NTB. LSV Asset Management raised its position in Bank of N.T. Butterfield & Son by 53.9% during the first quarter. LSV Asset Management now owns 534,659 shares of the bank's stock valued at $20,809,000 after purchasing an additional 187,160 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Bank of N.T. Butterfield & Son by 84.7% in the fourth quarter. Millennium Management LLC now owns 326,748 shares of the bank's stock worth $11,943,000 after buying an additional 149,803 shares during the period. American Century Companies Inc. increased its holdings in shares of Bank of N.T. Butterfield & Son by 10.0% in the first quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank's stock worth $48,930,000 after buying an additional 114,367 shares during the period. Westwood Holdings Group Inc. increased its holdings in shares of Bank of N.T. Butterfield & Son by 8.6% in the first quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank's stock worth $38,679,000 after buying an additional 78,342 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Bank of N.T. Butterfield & Son by 22.0% in the fourth quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after buying an additional 69,066 shares during the period. Hedge funds and other institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son Trading Down 1.5%

Bank of N.T. Butterfield & Son stock traded down $0.69 during trading hours on Friday, hitting $44.61. 182,179 shares of the stock traded hands, compared to its average volume of 188,743. The firm's 50-day moving average price is $45.25 and its two-hundred day moving average price is $41.85. The company has a market cap of $2.12 billion, a PE ratio of 8.96 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted 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. The business had revenue of $146.30 million for the quarter, compared to analysts' expectations 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 period in the previous year, the firm posted $1.09 EPS. On average, sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a dividend 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 payout ratio is presently 40.16%.

Analyst Ratings Changes

Several research firms have recently commented on NTB. Wells Fargo & Company lifted their price objective on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods raised their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a research note on Friday, July 11th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $51.33.

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.