Michael Collins Sells 75,000 Shares of Bank of N.T. Butterfield & Son (NYSE:NTB) Stock

Key Points

• CEO Michael Collins sold 75,000 NTB shares at an average price of $62.98, generating approximately $4.72 million. His direct ownership fell 36.23% to 132,037 shares.
• NTB shares recently declined 3.9% to $59.13, while the bank reported quarterly EPS of $1.58 and revenue of $159 million. The company declared a quarterly dividend of $0.50 per share, representing a 3.4% yield.
• Institutional investors own 62.73% of the stock, and 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) CEO Michael Collins sold 75,000 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $62.98, for a total transaction of $4,723,500.00. Following the transaction, the chief executive officer directly owned 132,037 shares of the company's stock, valued at $8,315,690.26. This represents a 36.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Bank of N.T. Butterfield & Son Stock Down 3.9%

Shares of NYSE NTB traded down $2.38 during trading on Wednesday, reaching $59.13. The company had a trading volume of 232,075 shares, compared to its average volume of 181,241. The stock has a market cap of $2.48 billion, a PE ratio of 10.39 and a beta of 0.51. The business's 50-day moving average is $60.62 and its 200 day moving average is $56.28. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $64.17.

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

Bank of N.T. Butterfield & Son Announces Dividend

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

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

A number of institutional investors have recently modified their holdings of the business. UBS Group AG lifted 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 worth $9,803,000 after purchasing an additional 155,784 shares in the last quarter. LSV Asset Management raised its position in shares of Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank's stock valued at $41,048,000 after purchasing an additional 172,666 shares during the period. Strategic Global Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 52.7% in the fourth quarter. Strategic Global Advisors LLC now owns 232,513 shares of the bank's stock worth $11,584,000 after buying an additional 80,244 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $1,382,000. Finally, Globeflex Capital L P boosted its position in shares of Bank of N.T. Butterfield & Son by 24.1% during the fourth quarter. Globeflex Capital L P now owns 130,399 shares of the bank's stock valued at $6,496,000 after buying an additional 25,349 shares during the last quarter. Institutional investors own 62.73% of the company's stock.

Wall Street Analyst Weigh In

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

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.

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