Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by Polaris Capital Management LLC

Polaris Capital Management LLC reduced its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 7.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 50,700 shares of the bank’s stock after selling 3,900 shares during the quarter. Polaris Capital Management LLC’s holdings in Bank of N.T. Butterfield & Son were worth $2,245,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NTB. LSV Asset Management grew its position in Bank of N.T. Butterfield & Son by 53.9% during the 1st quarter. LSV Asset Management now owns 534,659 shares of the bank’s stock worth $20,809,000 after purchasing an additional 187,160 shares during the period. American Century Companies Inc. grew its position in Bank of N.T. Butterfield & Son by 10.0% during the 1st quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank’s stock worth $48,930,000 after purchasing an additional 114,367 shares during the period. Westwood Holdings Group Inc. grew its position in Bank of N.T. Butterfield & Son by 8.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank’s stock worth $38,679,000 after purchasing an additional 78,342 shares during the period. AQR Capital Management LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 57.3% during the 1st quarter. AQR Capital Management LLC now owns 155,199 shares of the bank’s stock worth $6,040,000 after acquiring an additional 56,560 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 12,226.1% during the 1st quarter. GAMMA Investing LLC now owns 52,386 shares of the bank’s stock worth $2,039,000 after acquiring an additional 51,961 shares in the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NTB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, July 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Saturday, September 27th. Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. Finally, Raymond James Financial reissued an “outperform” rating and set a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.00.

Bank of N.T. Butterfield & Son Trading Up 0.1%

Shares of Bank of N.T. Butterfield & Son stock opened at $42.17 on Friday. The firm has a market capitalization of $2.00 billion, a PE ratio of 8.47 and a beta of 0.61. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.77 and a twelve month high of $46.89. The firm’s 50-day moving average price is $44.66 and its 200 day moving average price is $42.66.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $146.30 million for the quarter, compared to analyst estimates of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same period last year, the company posted $1.09 EPS. On average, sell-side analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Monday, August 11th. This is a positive change from Bank of N.T. Butterfield & Son’s previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son’s payout ratio is currently 40.16%.

About Bank of N.T. Butterfield & Son

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.