Short Interest in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Declines By 35.6%

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) was the recipient of a large decline in short interest in April. As of April 30th, there was short interest totaling 304,854 shares, a decline of 35.6% from the April 15th total of 473,366 shares. Based on an average daily volume of 155,355 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.7% of the company’s stock are sold short.

Bank of N.T. Butterfield & Son Trading Up 2.3%

Shares of Bank of N.T. Butterfield & Son stock traded up $1.25 on Monday, hitting $55.94. The stock had a trading volume of 191,994 shares, compared to its average volume of 163,306. Bank of N.T. Butterfield & Son has a 52-week low of $40.59 and a 52-week high of $57.84. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 9.68 and a beta of 0.51. The company’s 50 day moving average price is $53.87 and its 200 day moving average price is $51.18.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The business had revenue of $93.29 million during the quarter. Analysts predict that Bank of N.T. Butterfield & Son will post 6.32 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son announced that its board has authorized a stock buyback plan on Monday, February 9th that permits the company to repurchase $3.00 million in shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, May 13th. Bank of N.T. Butterfield & Son’s payout ratio is presently 34.60%.

Institutional Trading of Bank of N.T. Butterfield & Son

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC raised its stake in Bank of N.T. Butterfield & Son by 5.0% during the 1st quarter. Empowered Funds LLC now owns 180,408 shares of the bank’s stock valued at $9,468,000 after acquiring an additional 8,573 shares during the last quarter. Infrastructure Capital Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 6.2% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 13,714 shares of the bank’s stock valued at $720,000 after acquiring an additional 802 shares during the last quarter. Quantinno Capital Management LP raised its stake in Bank of N.T. Butterfield & Son by 47.7% during the 1st quarter. Quantinno Capital Management LP now owns 13,111 shares of the bank’s stock valued at $688,000 after acquiring an additional 4,237 shares during the last quarter. Lazard Asset Management LLC raised its stake in Bank of N.T. Butterfield & Son by 130.6% during the 1st quarter. Lazard Asset Management LLC now owns 167,051 shares of the bank’s stock valued at $8,767,000 after acquiring an additional 94,596 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Bank of N.T. Butterfield & Son by 182.9% during the 1st quarter. Renaissance Technologies LLC now owns 38,000 shares of the bank’s stock valued at $1,994,000 after acquiring an additional 24,566 shares during the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NTB has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 11th. Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Wells Fargo & Company upped their price objective on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Finally, Weiss Ratings raised Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

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.