Westwood Holdings Group Inc. Has $38.68 Million Stake 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. lifted its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 8.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 993,807 shares of the bank's stock after acquiring 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 filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in NTB. LSV Asset Management grew its holdings in shares of Bank of N.T. Butterfield & Son by 53.9% during the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank's stock valued at $20,809,000 after acquiring an additional 187,160 shares in the last quarter. Norges Bank acquired a new stake in Bank of N.T. Butterfield & Son during the fourth quarter valued at $5,700,000. Millennium Management LLC grew its stake in 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 valued at $11,943,000 after purchasing an additional 149,803 shares in the last quarter. Northern Trust Corp increased its position in Bank of N.T. Butterfield & Son by 22.0% in the 4th quarter. Northern Trust Corp now owns 383,006 shares of the bank's stock worth $13,999,000 after purchasing an additional 69,066 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 124.0% during the 4th quarter. Cubist Systematic Strategies LLC now owns 122,106 shares of the bank's stock worth $4,463,000 after purchasing an additional 67,593 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NTB shares. Keefe, Bruyette & Woods boosted 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 report on Friday, July 11th. Wells Fargo & Company upped their price objective on shares of 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. Finally, Raymond James Financial reiterated 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.

Bank of N.T. Butterfield & Son Stock Down 1.2%

NYSE NTB traded down $0.56 during trading on Thursday, hitting $44.79. The company's stock had a trading volume of 120,616 shares, compared to its average volume of 166,765. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.35 and a 52 week high of $46.89. The firm has a market cap of $2.13 billion, a P/E ratio of 8.99 and a beta of 0.64. The firm has a 50 day moving average price of $44.52 and a 200 day moving average price of $40.83.

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 for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. The firm had revenue of $146.30 million during the quarter, compared to the consensus estimate of $146.91 million. During the same period in the prior year, the firm earned $1.09 EPS. On average, equities analysts expect 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 announced a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, August 11th. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's payout ratio is currently 35.34%.

Bank of N.T. Butterfield & Son Company 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.