Alps Advisors Inc. Takes $432,000 Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Alps Advisors Inc. purchased a new position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,070 shares of the bank’s stock, valued at approximately $432,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Rovida Advisors Inc. acquired a new position in Bank of N.T. Butterfield & Son during the second quarter valued at approximately $79,413,000. American Century Companies Inc. increased its stake in shares of Bank of N.T. Butterfield & Son by 9.6% in the 2nd quarter. American Century Companies Inc. now owns 1,377,664 shares of the bank’s stock valued at $61,003,000 after purchasing an additional 120,467 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Bank of N.T. Butterfield & Son by 3.8% during the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank’s stock worth $40,622,000 after buying an additional 33,657 shares in the last quarter. LSV Asset Management lifted its position in shares of Bank of N.T. Butterfield & Son by 14.0% during the 2nd quarter. LSV Asset Management now owns 609,459 shares of the bank’s stock worth $26,987,000 after buying an additional 74,800 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 1.2% during the 2nd quarter. Bridgeway Capital Management LLC now owns 268,419 shares of the bank’s stock worth $11,886,000 after buying an additional 3,158 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NTB has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Wells Fargo & Company increased their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Zacks Research upgraded shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Stock Up 0.5%

Shares of Bank of N.T. Butterfield & Son stock opened at $52.80 on Friday. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 9.64 and a beta of 0.57. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.85 and a twelve month high of $55.84. The company’s fifty day moving average is $51.04 and its 200 day moving average is $46.87.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its 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. The business had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.During the same period last year, the company earned $1.34 EPS. As a group, equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s payout ratio is currently 36.50%.

Bank of N.T. Butterfield & Son declared that its board has initiated a stock repurchase program on Monday, December 8th that permits the company to buyback $140.00 million in shares. This buyback authorization permits the bank to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Bank of N.T. Butterfield & Son Company 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.