Insider Buying: Bank of N.T. Butterfield & Son (NYSE:NTB) Director Acquires 10,000 Shares of Stock

Key Points

• Director Mark Lynch bought 10,000 shares of Bank of N.T. Butterfield & Son at an average price of $56.49, spending about $564,900. After the purchase, his stake rose to 234,794 shares, a 4.45% increase.
• The stock recently traded near its 52-week high, closing at $57.44, with a market cap of about $2.41 billion. The shares also trade above both their 50-day and 200-day moving averages.
• Butterfield reported $1.55 EPS and $155.93 million in quarterly revenue, and it pays a quarterly dividend of $0.50 per share for a 3.5% yield. The company also has a $3 million share buyback plan and a consensus analyst rating of Moderate Buy.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) Director Mark Lynch bought 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the transaction, the director owned 234,794 shares of the company's stock, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB traded up $0.98 during trading on Tuesday, reaching $57.44. 217,137 shares of the company were exchanged, compared to its average volume of 172,749. The firm has a market capitalization of $2.41 billion, a PE ratio of 9.83 and a beta of 0.51. The business's fifty day simple moving average is $55.02 and its 200-day simple moving average is $51.91. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $57.85.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its earnings results on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. The business had revenue of $155.93 million for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. On average, sell-side analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.32 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 34.60%.

Bank of N.T. Butterfield & Son declared that its Board of Directors has initiated a stock buyback plan on Monday, February 9th that allows the company to buyback $3.00 million in outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NTB shares. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a "market perform" rating in a report on Wednesday, February 11th. Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, February 12th. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Finally, Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

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

Large investors have recently made changes to their positions in the stock. UBS Group AG grew its holdings in shares of Bank of N.T. Butterfield & Son by 380.1% during the fourth quarter. UBS Group AG now owns 196,771 shares of the bank's stock valued at $9,803,000 after buying an additional 155,784 shares during the last quarter. Tudor Investment Corp ET AL grew its holdings in shares of Bank of N.T. Butterfield & Son by 16.7% during the third quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank's stock valued at $5,787,000 after buying an additional 19,327 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Bank of N.T. Butterfield & Son by 97.5% during the third quarter. Quantbot Technologies LP now owns 24,895 shares of the bank's stock valued at $1,068,000 after buying an additional 12,290 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 10.2% during the third quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank's stock valued at $65,140,000 after buying an additional 140,041 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank's stock valued at $41,048,000 after buying an additional 172,666 shares during the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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.

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