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

Allspring Global Investments Holdings LLC reduced its holdings in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 55.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hillsdale Investment Management Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 3,764.7% in the first quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank’s stock valued at $345,000 after purchasing an additional 6,400 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Bank of N.T. Butterfield & Son by 13.2% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 50,667 shares of the bank’s stock valued at $2,659,000 after acquiring an additional 5,910 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Bank of N.T. Butterfield & Son by 6.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,889 shares of the bank’s stock valued at $1,936,000 after acquiring an additional 2,180 shares in the last quarter. SkyOak Wealth LLC purchased a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth $274,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Bank of N.T. Butterfield & Son by 88.7% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 35,446 shares of the bank’s stock worth $1,860,000 after acquiring an additional 16,664 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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 company an “equal weight” rating in a report on Monday, June 8th. Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Finally, Zacks Research downgraded 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. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.50.

Insider Activity at Bank of N.T. Butterfield & Son

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

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB stock opened at $60.58 on Tuesday. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 10.48 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $62.46. The firm’s 50-day simple moving average is $58.86 and its two-hundred day simple moving average is $54.95.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Monday, July 27th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $159.00 million during the quarter, compared to the consensus estimate of $156.94 million. During the same period in the prior year, the firm earned $1.26 EPS. The company’s revenue was up 8.2% compared to the same quarter last year. Analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current year.

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.