Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB – Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $61.00 and last traded at $60.7440, with a volume of 1601 shares trading hands. The stock had previously closed at $59.67.
Analysts Set New Price Targets
A number of brokerages recently commented on NTB. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Wells Fargo & Company boosted their target price 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 report on Monday, June 8th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.50.
Get Our Latest Analysis on Bank of N.T. Butterfield & Son
Bank of N.T. Butterfield & Son Stock Performance
Bank of N.T. Butterfield & Son (NYSE:NTB – Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The firm had revenue of $155.93 million for the quarter. Sell-side analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.
Bank of N.T. Butterfield & Son Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $2.00 annualized dividend and a yield of 3.4%. Bank of N.T. Butterfield & Son’s payout ratio is currently 34.60%.
Insider Buying and Selling
In other news, Director Mark T. Lynch bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director owned 234,794 shares of the company’s stock, valued at approximately $13,263,513.06. The trade was a 4.45% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael W. Collins sold 20,621 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the sale, the chief executive officer owned 60,622 shares in the company, valued at $3,562,754.94. This represents a 25.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 60,621 shares of company stock worth $3,557,496 in the last ninety days. 1.19% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Bank of N.T. Butterfield & Son
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in Bank of N.T. Butterfield & Son by 9.6% during the first quarter. Bank of America Corp DE now owns 159,457 shares of the bank’s stock valued at $8,368,000 after buying an additional 14,008 shares during the period. EverSource Wealth Advisors LLC increased its stake in Bank of N.T. Butterfield & Son by 33.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,802 shares of the bank’s stock worth $95,000 after acquiring an additional 456 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 5.0% in the 1st quarter. Empowered Funds LLC now owns 180,408 shares of the bank’s stock valued at $9,468,000 after acquiring an additional 8,573 shares in the last quarter. Infrastructure Capital Advisors LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 6.2% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 13,714 shares of the bank’s stock valued at $720,000 after acquiring an additional 802 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in shares of Bank of N.T. Butterfield & Son by 47.7% during the 1st quarter. Quantinno Capital Management LP now owns 13,111 shares of the bank’s stock valued at $688,000 after acquiring an additional 4,237 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.
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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