Jennison Associates LLC Invests $977,000 in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Jennison Associates LLC purchased a new stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTBFree Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 30,540 shares of the bank’s stock, valued at approximately $977,000.

Other large investors have also made changes to their positions in the company. TFO Wealth Partners LLC grew its stake in Bank of N.T. Butterfield & Son by 18,890.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock valued at $61,000 after acquiring an additional 1,889 shares during the period. Quadrature Capital Ltd bought a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $276,000. Alps Advisors Inc. acquired a new stake in Bank of N.T. Butterfield & Son during the 3rd quarter worth approximately $320,000. Summit Global Investments bought a new position in Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $439,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Bank of N.T. Butterfield & Son in the first quarter valued at approximately $441,000. Institutional investors own 62.73% of the company’s stock.

Wall Street Analyst Weigh In

NTB has been the subject of a number of analyst reports. Piper Sandler restated 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, April 25th. Raymond James restated an “outperform” rating and set a $36.00 target price (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

Check Out Our Latest Stock Analysis on Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB opened at $34.76 on Wednesday. The Bank of N.T. Butterfield & Son Limited has a 52 week low of $24.62 and a 52 week high of $36.06. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.66 and a current ratio of 0.66. The firm’s 50-day simple moving average is $34.41 and its 200 day simple moving average is $32.14. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 7.81 and a beta of 1.20.

Bank of N.T. Butterfield & Son (NYSE:NTBGet Free Report) last announced its earnings results on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, topping the consensus estimate of $0.96 by $0.21. The company had revenue of $142.80 million for the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the firm earned $1.24 earnings per share. As a group, sell-side analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend was Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.55%.

Bank of N.T. Butterfield & Son Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of N.T. Butterfield & Son (NYSE:NTB)

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