Nuveen Asset Management LLC Cuts Stock Position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Nuveen Asset Management LLC lowered its position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,726,711 shares of the bank’s stock after selling 74,760 shares during the period. Nuveen Asset Management LLC owned approximately 3.63% of Bank of N.T. Butterfield & Son worth $63,111,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $72,000. R Squared Ltd purchased a new position in shares of Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $72,000. Quarry LP grew its position in shares of Bank of N.T. Butterfield & Son by 19.7% in the 4th quarter. Quarry LP now owns 3,069 shares of the bank’s stock worth $112,000 after buying an additional 505 shares during the last quarter. PDT Partners LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $217,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $219,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Stock Down 0.2%

NYSE:NTB opened at $42.89 on Monday. The company has a market cap of $2.04 billion, a PE ratio of 9.09 and a beta of 0.66. The Bank of N.T. Butterfield & Son Limited has a twelve month low of $32.78 and a twelve month high of $43.09. The company has a current ratio of 0.63, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $38.85 and its two-hundred day moving average is $38.01.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.27. Bank of N.T. Butterfield & Son had a net margin of 26.51% and a return on equity of 21.46%. The firm had revenue of $148.20 million during the quarter, compared to analysts’ expectations of $140.89 million. During the same period in the previous year, the business posted $1.17 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that The Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Wednesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Wednesday, May 7th. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 36.51%.

Analysts Set New Price Targets

Several research firms have weighed in on NTB. Keefe, Bruyette & Woods boosted their target price on shares of Bank of N.T. Butterfield & Son from $44.00 to $48.00 and gave the stock a “market perform” rating in a research report on Friday, April 25th. Wells Fargo & Company boosted their target price on shares of Bank of N.T. Butterfield & Son from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th.

Bank of N.T. Butterfield & Son Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.