Citigroup Inc. Sells 16,184 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Citigroup Inc. lowered its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 24.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,954 shares of the bank’s stock after selling 16,184 shares during the period. Citigroup Inc. owned 0.10% of Bank of N.T. Butterfield & Son worth $2,017,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bank of N.T. Butterfield & Son by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank’s stock worth $1,027,000 after purchasing an additional 1,148 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 80.3% during the first quarter. Jane Street Group LLC now owns 70,537 shares of the bank’s stock valued at $2,745,000 after purchasing an additional 31,420 shares in the last quarter. Savant Capital LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 22.9% during the second quarter. Savant Capital LLC now owns 15,110 shares of the bank’s stock valued at $669,000 after purchasing an additional 2,819 shares in the last quarter. Wedbush Securities Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth about $216,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Bank of N.T. Butterfield & Son in the second quarter valued at approximately $1,393,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock opened at $50.21 on Monday. The stock has a market capitalization of $2.10 billion, a PE ratio of 9.16 and a beta of 0.54. The business’s 50 day simple moving average is $51.34 and its 200 day simple moving average is $47.61. Bank of N.T. Butterfield & Son Limited has a one year low of $34.85 and a one year high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. The firm had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. During the same quarter last year, the business earned $1.34 EPS. As a group, research analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a share buyback program on Monday, December 8th that allows the company to buyback $140.00 million in shares. This buyback authorization allows the bank to purchase up to 6% of its stock through open market purchases. Stock buyback programs are generally 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. Investors of record on Monday, February 23rd will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 36.50%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NTB. Keefe, Bruyette & Woods raised their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, February 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Zacks Research raised shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Wells Fargo & Company lifted their price target 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 report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

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.