Bank of N.T. Butterfield & Son (NYSE:NTB) Director Michael Mcwatt Sells 9,000 Shares

Key Points

• Director Michael Mcwatt sold 9,000 NTB shares at an average price of $58.41, generating $525,690 and reducing his direct ownership by 39.92% to 13,544 shares. He had also sold 12,000 shares earlier in August.
• NTB shares traded at $58.71, with a market capitalization of approximately $2.46 billion and a price-to-earnings ratio of 10.32. The bank reported quarterly EPS of $1.58, a 22.43% return on equity, and $159 million in revenue.
• The company declared a quarterly dividend of $0.50, equivalent to $2.00 annually and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $63.50.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) Director Michael Mcwatt sold 9,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $58.41, for a total value of $525,690.00. Following the transaction, the director directly owned 13,544 shares in the company, valued at approximately $791,105.04. The trade was a 39.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Michael Mcwatt also recently made the following trade(s):

• On Wednesday, August 5th, Michael Mcwatt sold 12,000 shares of Bank of N.T. Butterfield & Son stock. The stock was sold at an average price of $61.78, for a total transaction of $741,360.00.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock traded up $0.36 on Wednesday, hitting $58.71. 208,296 shares of the stock traded hands, compared to its average volume of 179,994. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $64.17. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 10.32 and a beta of 0.51. The firm has a 50 day simple moving average of $60.63 and a two-hundred day simple moving average of $56.50.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 EPS for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%.The business had revenue of $159.00 million for the quarter. Sell-side analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. Bank of N.T. Butterfield & Son's payout ratio is currently 35.15%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NTB shares. Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research report on Monday, June 8th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $63.50.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank's stock worth $1,027,000 after purchasing an additional 1,148 shares during the period. Jane Street Group LLC boosted its stake in Bank of N.T. Butterfield & Son by 80.3% during the first quarter. Jane Street Group LLC now owns 70,537 shares of the bank's stock worth $2,745,000 after buying an additional 31,420 shares during the period. Prudential Financial Inc. bought a new position in Bank of N.T. Butterfield & Son during the second quarter valued at $243,000. Invesco Ltd. increased its position in Bank of N.T. Butterfield & Son by 3.8% during the second quarter. Invesco Ltd. now owns 917,385 shares of the bank's stock valued at $40,622,000 after acquiring an additional 33,657 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after acquiring an additional 523 shares during the period. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source