EMC Capital Management Increases Stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

EMC Capital Management raised its position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 23.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 5,688 shares of the bank’s stock after purchasing an additional 1,092 shares during the period. EMC Capital Management’s holdings in Bank of N.T. Butterfield & Son were worth $182,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Bank of N.T. Butterfield & Son in the 4th quarter valued at about $10,909,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Bank of N.T. Butterfield & Son by 66.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after buying an additional 266,450 shares in the last quarter. Mendon Capital Advisors Corp acquired a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth about $7,202,000. Vanguard Group Inc. boosted its holdings in Bank of N.T. Butterfield & Son by 20.8% in the third quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after purchasing an additional 139,485 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Bank of N.T. Butterfield & Son by 635.5% in the first quarter. Assenagon Asset Management S.A. now owns 152,896 shares of the bank’s stock valued at $4,891,000 after purchasing an additional 132,107 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group boosted their price objective on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. Wells Fargo & Company upped their target price on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Raymond James reaffirmed an “outperform” rating and set a $36.00 price objective (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.40.

Bank of N.T. Butterfield & Son Trading Down 2.9 %

Shares of Bank of N.T. Butterfield & Son stock traded down $1.05 during trading hours on Friday, reaching $35.62. The stock had a trading volume of 255,839 shares, compared to its average volume of 214,922. The firm has a 50 day simple moving average of $35.52 and a two-hundred day simple moving average of $32.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The Bank of N.T. Butterfield & Son Limited has a 1 year low of $24.62 and a 1 year high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. The company had revenue of $143.10 million for the quarter, compared to the consensus estimate of $139.75 million. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $1.14 EPS. On average, analysts expect that The Bank of N.T. Butterfield & Son Limited will post 4.55 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be issued a dividend of $0.44 per share. The ex-dividend date is Monday, August 5th. This represents a $1.76 annualized dividend and a dividend yield of 4.94%. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.55%.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.