Allspring Global Investments Holdings LLC Sells 18,245 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Allspring Global Investments Holdings LLC trimmed its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 55.3% in the first quarter, Holdings Channel reports. The institutional investor owned 14,738 shares of the bank’s stock after selling 18,245 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Bank of N.T. Butterfield & Son were worth $781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of NTB. Seelaus Asset Management LLC grew its position in shares of Bank of N.T. Butterfield & Son by 4.1% in the fourth quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank’s stock valued at $313,000 after purchasing an additional 250 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Bank of N.T. Butterfield & Son by 5.6% during the 3rd quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank’s stock valued at $264,000 after buying an additional 328 shares in the last quarter. Cerity Partners LLC grew its holdings in Bank of N.T. Butterfield & Son by 3.2% during the 2nd quarter. Cerity Partners LLC now owns 14,779 shares of the bank’s stock valued at $654,000 after buying an additional 457 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Bank of N.T. Butterfield & Son by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 7,628 shares of the bank’s stock valued at $380,000 after buying an additional 492 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after buying an additional 523 shares in the last quarter. Institutional investors own 62.73% of the company’s stock.

Insiders Place Their Bets

In related news, Director Mark T. Lynch acquired 10,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director owned 234,794 shares of the company’s stock, valued at approximately $13,263,513.06. The trade was a 4.45% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael W. Collins sold 20,621 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer owned 60,622 shares of the company’s stock, valued at $3,562,754.94. This trade represents a 25.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,621 shares of company stock worth $3,557,496 in the last three months. Insiders own 1.19% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Down 0.7%

Shares of NTB opened at $60.58 on Tuesday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $62.46. The company has a market cap of $2.54 billion, a PE ratio of 10.48 and a beta of 0.51. The stock has a 50-day moving average price of $58.86 and a 200-day moving average price of $54.95.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Monday, July 27th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.07. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The company had revenue of $159.00 million for the quarter, compared to analysts’ expectations of $156.94 million. During the same period in the prior year, the business earned $1.26 earnings per share. Bank of N.T. Butterfield & Son’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NTB shares. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Finally, Wells Fargo & Company increased their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

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.