Raymond James & Associates Sells 888 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Raymond James & Associates lessened its stake in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 5.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,418 shares of the bank’s stock after selling 888 shares during the quarter. Raymond James & Associates’ holdings in Bank of N.T. Butterfield & Son were worth $462,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NTB. Adage Capital Partners GP L.L.C. grew its holdings in Bank of N.T. Butterfield & Son by 11.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock valued at $47,843,000 after purchasing an additional 182,265 shares during the last quarter. Vanguard Group Inc. raised its holdings in Bank of N.T. Butterfield & Son by 20.8% in the 3rd quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock worth $21,939,000 after acquiring an additional 139,485 shares during the period. Roubaix Capital LLC acquired a new position in Bank of N.T. Butterfield & Son during the 3rd quarter worth $3,080,000. Soros Fund Management LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the third quarter valued at about $2,735,000. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth about $1,952,000. 62.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

NTB has been the subject of several recent analyst reports. Raymond James restated an “outperform” rating and set a $36.00 target price (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Keefe, Bruyette & Woods dropped their target price on shares of Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. The Goldman Sachs Group increased their price target on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Piper Sandler reissued an “overweight” rating and set a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.80.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB opened at $34.07 on Friday. The firm has a market capitalization of $1.71 billion, a PE ratio of 7.66 and a beta of 1.29. The company has a quick ratio of 0.63, a current ratio of 0.66 and a debt-to-equity ratio of 0.10. The Bank of N.T. Butterfield & Son Limited has a 12-month low of $22.93 and a 12-month high of $34.56. The firm has a 50-day moving average price of $30.86 and a 200 day moving average price of $29.85.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Wednesday, April 24th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The business had revenue of $142.80 million during the quarter, compared to analysts’ expectations of $137.28 million. During the same period in the prior year, the firm posted $1.24 EPS. Bank of N.T. Butterfield & Son’s quarterly revenue was down 2.9% compared to the same quarter last year. Research analysts anticipate that The Bank of N.T. Butterfield & Son Limited will post 4.12 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.17%. The ex-dividend date is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is 39.55%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.