Victory Capital Management Inc. Reduces Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Victory Capital Management Inc. lessened its position in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 481,683 shares of the bank’s stock after selling 22,895 shares during the period. Victory Capital Management Inc. owned 1.01% of Bank of N.T. Butterfield & Son worth $20,674,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 523 shares during the last quarter. Jones Financial Companies Lllp raised its position in Bank of N.T. Butterfield & Son by 234.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after purchasing an additional 672 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after buying an additional 1,045 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Bank of N.T. Butterfield & Son in the 3rd quarter worth approximately $74,000. Finally, USA Financial Formulas grew its position in shares of Bank of N.T. Butterfield & Son by 196.3% in the 3rd quarter. USA Financial Formulas now owns 1,784 shares of the bank’s stock worth $77,000 after buying an additional 1,182 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

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

NTB opened at $49.86 on Tuesday. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.85 and a 52 week high of $55.84. The stock has a market cap of $2.09 billion, a PE ratio of 9.10 and a beta of 0.54. The business has a 50 day moving average of $51.33 and a 200-day moving average of $47.65.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.08. The company had revenue of $158.90 million for the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.During the same period in the prior year, the firm earned $1.34 earnings per share. 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 declared that its Board of Directors has initiated a share repurchase plan on Monday, December 8th that allows the company to buyback $140.00 million in shares. This buyback authorization allows the bank to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.0%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 36.50%.

Analyst Ratings Changes

NTB has been the subject of a number of recent analyst reports. Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. 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 company an “equal weight” rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. One investment 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. According to MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Bank of N.T. Butterfield & Son 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.