Assenagon Asset Management S.A. Sells 229,661 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Assenagon Asset Management S.A. lessened its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 89.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,883 shares of the bank’s stock after selling 229,661 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Bank of N.T. Butterfield & Son were worth $1,289,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Diversified Trust Co. purchased a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter worth about $239,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 18.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,073 shares of the bank’s stock valued at $903,000 after acquiring an additional 2,787 shares during the period. Tudor Investment Corp ET AL grew its stake in Bank of N.T. Butterfield & Son by 16.7% during the third quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank’s stock valued at $5,787,000 after acquiring an additional 19,327 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in Bank of N.T. Butterfield & Son during the third quarter valued at approximately $56,000. Finally, CIBC Bancorp USA Inc. bought a new stake in Bank of N.T. Butterfield & Son during the 3rd quarter worth approximately $265,000. 62.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NTB shares. 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. Wells Fargo & Company boosted 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 research report on Thursday, February 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB opened at $52.43 on Wednesday. Bank of N.T. Butterfield & Son Limited has a 1-year low of $34.85 and a 1-year high of $55.84. The company has a market capitalization of $2.20 billion, a P/E ratio of 9.57 and a beta of 0.54. The firm’s 50 day simple moving average is $51.68 and its 200 day simple moving average is $48.34.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. The business had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. During the same quarter in the previous year, the company earned $1.34 EPS. On average, equities analysts anticipate 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued 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 was Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 36.50%.

Bank of N.T. Butterfield & Son declared that its Board of Directors has authorized a share buyback plan on Monday, December 8th that permits the company to buyback $140.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is 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.