Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 8.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 693,287 shares of the bank’s stock after selling 63,689 shares during the period. JPMorgan Chase & Co. owned about 1.46% of Bank of N.T. Butterfield & Son worth $29,756,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in Bank of N.T. Butterfield & Son by 119.4% in the third quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after purchasing an additional 215,397 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Bank of N.T. Butterfield & Son by 420.7% in the third quarter. Assenagon Asset Management S.A. now owns 255,544 shares of the bank’s stock worth $10,968,000 after buying an additional 206,464 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Bank of N.T. Butterfield & Son by 93.1% in the third quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank’s stock worth $13,401,000 after buying an additional 150,518 shares during the period. American Century Companies Inc. grew its stake in shares of Bank of N.T. Butterfield & Son by 10.2% in the third quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock valued at $65,140,000 after buying an additional 140,041 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Bank of N.T. Butterfield & Son by 384.2% in the third quarter. Two Sigma Investments LP now owns 132,468 shares of the bank’s stock valued at $5,686,000 after buying an additional 105,110 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NTB shares. Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Zacks Research upgraded 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, Keefe, Bruyette & Woods boosted their target price 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 research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB opened at $50.77 on Monday. Bank of N.T. Butterfield & Son Limited has a 1 year low of $34.85 and a 1 year high of $55.84. The stock’s 50-day simple moving average is $51.44 and its 200-day simple moving average is $48.01. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 9.26 and a beta of 0.54.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.The firm had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. During the same quarter in the prior year, the business posted $1.34 earnings per share. As a group, research analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio is 36.50%.

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

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.