Insider Selling: Bank of N.T. Butterfield & Son (NYSE:NTB) Insider Sells $1,137,538.82 in Stock

Key Points

• Insider Andrew Ronald Burns sold 18,566 NTB shares at an average price of $61.27, generating approximately $1.14 million in proceeds.
• Butterfield reported quarterly EPS of $1.58 on $159 million in revenue, while maintaining a quarterly dividend of $0.50 per share, equivalent to a 3.3% yield.
• Shares recently traded near their 52-week high at $61.30; analysts maintain a “Moderate Buy” consensus with an average price target of $59.50, and institutional investors own 62.73% of the stock.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) insider Andrew Ronald Burns sold 18,566 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $61.27, for a total value of $1,137,538.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB traded down $0.43 on Friday, hitting $61.30. 101,583 shares of the company's stock were exchanged, compared to its average volume of 177,405. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $62.46. The company has a market cap of $2.57 billion, a P/E ratio of 10.76 and a beta of 0.51. The firm has a 50-day moving average price of $59.16 and a 200-day moving average price of $55.18.

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 earnings per share 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 firm had revenue of $159.00 million during the quarter. On average, research analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 35.15%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Zacks Research cut Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Finally, Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.50.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Large investors have recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank's stock worth $16,985,000 after buying an additional 215,397 shares during the period. Lord Abbett & CO. LLC acquired a new stake in Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $9,579,000. LSV Asset Management boosted 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 worth $41,048,000 after acquiring an additional 172,666 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Bank of N.T. Butterfield & Son by 648.6% in the first quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank's stock valued at $10,168,000 after purchasing an additional 167,871 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Bank of N.T. Butterfield & Son by 380.1% in the fourth quarter. UBS Group AG now owns 196,771 shares of the bank's stock valued at $9,803,000 after purchasing an additional 155,784 shares during the last quarter. 62.73% of the stock is owned by 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.

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.