Vanguard Group Inc. Sells 33,610 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Vanguard Group Inc. reduced its stake in Bank of N.T. Butterfield & Son by 3.8%, selling 33,610 shares, and now holds 851,269 shares valued at approximately $33.13 million.
• Analysts have raised their price targets for NTB shares, with Wells Fargo increasing its target from $46 to $54, while Raymond James boosted its target from $44 to $50, reflecting a consensus rating of "Moderate Buy."
• The bank announced an increase in its quarterly dividend to $0.50 per share, marking a positive change from the previous dividend of $0.44, with a dividend yield of 4.4%.

Vanguard Group Inc. decreased its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 851,269 shares of the bank's stock after selling 33,610 shares during the period. Vanguard Group Inc. owned 1.79% of Bank of N.T. Butterfield & Son worth $33,131,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc grew its holdings in Bank of N.T. Butterfield & Son by 5.1% during the 4th quarter. Legal & General Group Plc now owns 7,697 shares of the bank's stock valued at $281,000 after buying an additional 374 shares in the last quarter. Stifel Financial Corp grew its holdings in Bank of N.T. Butterfield & Son by 5.6% during the 4th quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock valued at $302,000 after buying an additional 441 shares in the last quarter. Quarry LP grew its holdings in Bank of N.T. Butterfield & Son by 19.7% during the 4th quarter. Quarry LP now owns 3,069 shares of the bank's stock valued at $112,000 after buying an additional 505 shares in the last quarter. Strategic Global Advisors LLC grew its holdings in Bank of N.T. Butterfield & Son by 0.4% during the 4th quarter. Strategic Global Advisors LLC now owns 172,742 shares of the bank's stock valued at $6,314,000 after buying an additional 681 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in Bank of N.T. Butterfield & Son by 4.6% during the 1st quarter. GSA Capital Partners LLP now owns 16,663 shares of the bank's stock valued at $649,000 after buying an additional 739 shares in the last quarter. Institutional investors own 62.73% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NTB shares. Wells Fargo & Company increased their price objective on shares of 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. Keefe, Bruyette & Woods increased their price objective on shares of 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. 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 report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Bank of N.T. Butterfield & Son Stock Down 0.4%

Shares of NTB opened at $45.33 on Thursday. The company has a market cap of $2.15 billion, a PE ratio of 9.10 and a beta of 0.64. The business has a fifty day moving average of $45.10 and a 200 day moving average of $41.59. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.89.

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, topping analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $146.30 million during the quarter, compared to the consensus estimate 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 last year, the company earned $1.09 earnings per share. As a group, research analysts anticipate 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 firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date was Monday, August 11th. Bank of N.T. Butterfield & Son's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.