Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. lessened its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 10.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 892,376 shares of the bank’s stock after selling 101,431 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Bank of N.T. Butterfield & Son were worth $39,514,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Rovida Advisors Inc. acquired a new stake in Bank of N.T. Butterfield & Son in the second quarter valued at approximately $79,413,000. American Century Companies Inc. increased its position in shares of Bank of N.T. Butterfield & Son by 9.6% in the 2nd quarter. American Century Companies Inc. now owns 1,377,664 shares of the bank’s stock valued at $61,003,000 after purchasing an additional 120,467 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 441.0% in the 2nd quarter. Acadian Asset Management LLC now owns 131,481 shares of the bank’s stock valued at $5,820,000 after purchasing an additional 107,176 shares in the last quarter. JCSD Capital LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at $3,489,000. Finally, Federated Hermes Inc. lifted its position in shares of Bank of N.T. Butterfield & Son by 121.4% during the 2nd quarter. Federated Hermes Inc. now owns 137,993 shares of the bank’s stock worth $6,110,000 after purchasing an additional 75,668 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods increased their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $50.00 price target (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son has an average rating of “Moderate Buy” and an average target price of $50.67.

Bank of N.T. Butterfield & Son Stock Performance

NTB opened at $51.32 on Monday. Bank of N.T. Butterfield & Son Limited has a one year low of $34.77 and a one year high of $51.51. The stock has a market capitalization of $2.44 billion, a P/E ratio of 9.72 and a beta of 0.57. The business’s 50-day simple moving average is $45.18 and its 200-day simple moving average is $44.74.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, October 28th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.21. The firm had revenue of $153.30 million during the quarter, compared to analysts’ expectations of $147.92 million. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.The business’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. On average, equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 11th were given a dividend of $0.50 per share. The ex-dividend date was Monday, November 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.9%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 37.88%.

Bank of N.T. Butterfield & Son announced that its board has approved a stock repurchase plan on Monday, December 8th that allows the company to repurchase $140.00 million in shares. This repurchase authorization allows the bank to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.