Raymond James & Associates Sells 888 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Raymond James & Associates lessened its stake in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 5.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 14,418 shares of the bank’s stock after selling 888 shares during the quarter. Raymond James & Associates’ holdings in Bank of N.T. Butterfield & Son were worth $462,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Meritage Portfolio Management lifted its position in Bank of N.T. Butterfield & Son by 5.5% during the third quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after acquiring an additional 425 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 304.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock valued at $234,000 after purchasing an additional 6,500 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Bank of N.T. Butterfield & Son in the 3rd quarter valued at $268,000. D L Carlson Investment Group Inc. increased its position in Bank of N.T. Butterfield & Son by 32.4% during the 3rd quarter. D L Carlson Investment Group Inc. now owns 11,455 shares of the bank’s stock worth $310,000 after buying an additional 2,800 shares during the period. Finally, Alps Advisors Inc. acquired a new stake in shares of Bank of N.T. Butterfield & Son during the third quarter worth $320,000. Institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Down 0.1 %

NTB opened at $34.07 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.66 and a debt-to-equity ratio of 0.10. The Bank of N.T. Butterfield & Son Limited has a twelve month low of $22.93 and a twelve month high of $34.56. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 7.66 and a beta of 1.29. The company has a 50-day simple moving average of $30.86 and a 200 day simple moving average of $29.85.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to the consensus estimate of $137.28 million. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 EPS. Analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.12 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be paid a $0.44 dividend. The ex-dividend date is Monday, May 6th. This represents a $1.76 annualized dividend and a dividend yield of 5.17%. Bank of N.T. Butterfield & Son’s payout ratio is 39.55%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NTB shares. Raymond James restated an “outperform” rating and issued a $36.00 price target (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. The Goldman Sachs Group increased their target price on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Keefe, Bruyette & Woods dropped their price target on shares of Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $38.00 price target (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son has an average rating of “Moderate Buy” and a consensus price target of $35.80.

Bank of N.T. Butterfield & Son Profile

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.