Assenagon Asset Management S.A. Buys 167,871 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Assenagon Asset Management S.A. increased its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 648.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 193,754 shares of the bank’s stock after purchasing an additional 167,871 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Bank of N.T. Butterfield & Son were worth $10,168,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. UBS Group AG increased its position in Bank of N.T. Butterfield & Son by 380.1% during the fourth quarter. UBS Group AG now owns 196,771 shares of the bank’s stock valued at $9,803,000 after acquiring an additional 155,784 shares during the last quarter. LSV Asset Management boosted its position in Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after purchasing an additional 172,666 shares during the last quarter. Tudor Investment Corp ET AL grew its stake in shares of Bank of N.T. Butterfield & Son by 16.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank’s stock valued at $5,787,000 after purchasing an additional 19,327 shares during the period. Quantbot Technologies LP grew its stake in shares of Bank of N.T. Butterfield & Son by 97.5% during the 3rd quarter. Quantbot Technologies LP now owns 24,895 shares of the bank’s stock valued at $1,068,000 after purchasing an additional 12,290 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Bank of N.T. Butterfield & Son by 10.2% during the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock valued at $65,140,000 after purchasing an additional 140,041 shares during the last quarter. Institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in 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 research report on Monday, June 8th. Finally, Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.33.

Bank of N.T. Butterfield & Son Stock Down 0.3%

NTB stock opened at $60.16 on Monday. Bank of N.T. Butterfield & Son Limited has a twelve month low of $40.59 and a twelve month high of $60.35. The stock has a market cap of $2.52 billion, a P/E ratio of 10.41 and a beta of 0.51. The business’s 50-day moving average price is $56.86 and its 200-day moving average price is $53.49.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. The company had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%. On average, equities research analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were issued 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 3.3%. Bank of N.T. Butterfield & Son’s payout ratio is currently 34.60%.

Insider Buying and Selling

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark T. Lynch acquired 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $56.49 per share, with a total value of $564,900.00. Following the completion of the purchase, the director owned 234,794 shares of the company’s stock, valued at approximately $13,263,513.06. This represents a 4.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 60,621 shares of company stock valued at $3,557,496. Company insiders own 1.19% of the company’s stock.

Bank of N.T. Butterfield & Son 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.