Alps Advisors Inc. Invests $432,000 in Bank of N.T. Butterfield & Son Limited (The) $NTB

Alps Advisors Inc. bought a new position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,070 shares of the bank’s stock, valued at approximately $432,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after acquiring an additional 523 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Bank of N.T. Butterfield & Son by 234.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after purchasing an additional 672 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $74,000. USA Financial Formulas grew its stake in Bank of N.T. Butterfield & Son by 196.3% during the third quarter. USA Financial Formulas now owns 1,784 shares of the bank’s stock worth $77,000 after purchasing an additional 1,182 shares during the period. Finally, California State Teachers Retirement System lifted its stake in Bank of N.T. Butterfield & Son by 29.4% in the second quarter. California State Teachers Retirement System now owns 2,717 shares of the bank’s stock valued at $120,000 after buying an additional 617 shares during the period. Institutional investors and hedge funds own 62.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NTB. Wells Fargo & Company raised their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their price target on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Finally, Zacks Research raised shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB opened at $52.80 on Friday. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 9.64 and a beta of 0.57. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $34.85 and a fifty-two week high of $55.84. The firm’s 50-day simple moving average is $51.04 and its 200 day simple moving average is $46.87.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.The company had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. During the same period last year, the business posted $1.34 earnings per share. On average, sell-side analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son declared that its Board of Directors has approved a stock repurchase plan on Monday, December 8th that permits the company to buyback $140.00 million in shares. This buyback authorization permits the bank to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $2.00 annualized dividend and a yield of 3.8%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 36.50%.

About Bank of N.T. Butterfield & Son

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.