Westwood Holdings Group Inc. Raises Holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

Key Points

• Westwood Holdings Group Inc. increased its stake in Bank of N.T. Butterfield & Son by 8.6%, owning approximately 2.09% of the company with 993,807 shares valued at $38.68 million.
• Analysts have raised their price targets for the bank's shares, with Wells Fargo setting a new target of $54.00 and maintaining an "overweight" rating.
• The bank announced a quarterly dividend of $0.50 per share, up from the previous $0.44, reflecting a 4.4% dividend yield.

Westwood Holdings Group Inc. increased its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 8.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 993,807 shares of the bank's stock after purchasing an additional 78,342 shares during the period. Westwood Holdings Group Inc. owned 2.09% of Bank of N.T. Butterfield & Son worth $38,679,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Bank of N.T. Butterfield & Son by 216.7% in the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after acquiring an additional 921 shares during the last quarter. Lazard Asset Management LLC bought a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth about $72,000. Quarry LP increased its stake in Bank of N.T. Butterfield & Son by 19.7% in the 4th quarter. Quarry LP now owns 3,069 shares of the bank's stock worth $112,000 after acquiring an additional 505 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Bank of N.T. Butterfield & Son by 164.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock worth $157,000 after acquiring an additional 2,666 shares during the last quarter. Finally, PDT Partners LLC bought a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth about $217,000. Hedge funds and other institutional investors own 62.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Raymond James Financial restated 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. Keefe, Bruyette & Woods increased 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 research report on Friday, July 11th. Finally, Wells Fargo & Company increased 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 research report on Thursday, July 10th.

Bank of N.T. Butterfield & Son Stock Up 0.5%

Shares of Bank of N.T. Butterfield & Son stock traded up $0.23 during trading on Friday, hitting $45.00. 118,545 shares of the stock traded hands, compared to its average volume of 164,410. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 9.04 and a beta of 0.64. The firm's fifty day moving average is $44.57 and its 200-day moving average is $40.89. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.35 and a 52 week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The firm had revenue of $146.30 million for the quarter, compared to analyst estimates 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 prior year, the company earned $1.09 EPS. On average, analysts forecast 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 announced a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.4%. This is a boost 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 currently 35.34%.

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.