Rovida Advisors Inc. Invests $79.41 Million in Bank of N.T. Butterfield & Son Limited (The) $NTB

Rovida Advisors Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,793,437 shares of the bank’s stock, valued at approximately $79,413,000. Bank of N.T. Butterfield & Son comprises approximately 12.5% of Rovida Advisors Inc.’s holdings, making the stock its 4th largest position.

Several other hedge funds have also modified their holdings of NTB. Principal Financial Group Inc. raised its stake in Bank of N.T. Butterfield & Son by 9.6% during the first quarter. Principal Financial Group Inc. now owns 34,350 shares of the bank’s stock valued at $1,337,000 after purchasing an additional 3,008 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Bank of N.T. Butterfield & Son by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 130,408 shares of the bank’s stock worth $4,923,000 after buying an additional 2,253 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Bank of N.T. Butterfield & Son by 885.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the bank’s stock valued at $269,000 after buying an additional 6,200 shares in the last quarter. Cerity Partners LLC grew its position in Bank of N.T. Butterfield & Son by 64.7% in the first quarter. Cerity Partners LLC now owns 14,322 shares of the bank’s stock worth $557,000 after acquiring an additional 5,626 shares in the last quarter. Finally, CWM LLC increased its stake in Bank of N.T. Butterfield & Son by 29.2% during the first quarter. CWM LLC now owns 15,000 shares of the bank’s stock worth $584,000 after acquiring an additional 3,388 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 Stock Up 0.6%

Shares of NTB stock opened at $46.25 on Wednesday. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 8.76 and a beta of 0.68. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.92. The company’s 50 day moving average is $43.81 and its 200 day moving average is $43.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, October 28th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.21. The business had revenue of $153.30 million during the quarter, compared to the consensus estimate of $147.92 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.94%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 earnings per share. Analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 11th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Monday, November 10th. Bank of N.T. Butterfield & Son’s payout ratio is currently 37.88%.

Analysts Set New Price Targets

A number of brokerages have recently commented on NTB. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 8th. Keefe, Bruyette & Woods increased their target price on shares of Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, October 30th. Zacks Research raised shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $50.00 price target (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.67.

Bank of N.T. Butterfield & Son 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.