Bank of N.T. Butterfield & Son Limited (The) $NTB Stake Boosted by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 420.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 255,544 shares of the bank’s stock after purchasing an additional 206,464 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.54% of Bank of N.T. Butterfield & Son worth $10,968,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rovida Advisors Inc. bought a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter worth about $79,413,000. American Century Companies Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 9.6% during the 2nd quarter. American Century Companies Inc. now owns 1,377,664 shares of the bank’s stock valued at $61,003,000 after buying an additional 120,467 shares during the last quarter. Acadian Asset Management LLC raised its stake in Bank of N.T. Butterfield & Son by 441.0% during the second quarter. Acadian Asset Management LLC now owns 131,481 shares of the bank’s stock worth $5,820,000 after acquiring an additional 107,176 shares during the period. JCSD Capital LLC bought a new position in Bank of N.T. Butterfield & Son in the second quarter worth about $3,489,000. Finally, Federated Hermes Inc. lifted its holdings in Bank of N.T. Butterfield & Son by 121.4% in the second quarter. Federated Hermes Inc. now owns 137,993 shares of the bank’s stock worth $6,110,000 after acquiring an additional 75,668 shares during the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on NTB shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 8th. Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods increased their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 price target (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and an average target price of $50.67.

Bank of N.T. Butterfield & Son Price Performance

NTB opened at $51.12 on Friday. The stock’s 50 day moving average price is $46.12 and its 200 day moving average price is $45.03. The stock has a market cap of $2.43 billion, a P/E ratio of 9.68 and a beta of 0.57. Bank of N.T. Butterfield & Son Limited has a 12 month low of $34.77 and a 12 month high of $52.11.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, October 28th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.The company had revenue of $153.30 million during the quarter, compared to analyst estimates of $147.92 million. During the same quarter in the previous year, the firm posted $1.16 EPS. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. Equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $2.00 annualized dividend and a yield of 3.9%. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 37.88%.

Bank of N.T. Butterfield & Son announced that its board has approved a share repurchase program on Monday, December 8th that authorizes the company to buyback $140.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.