Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Michael Collins Sells 20,000 Shares

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) CEO Michael Collins sold 20,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $58.53, for a total value of $1,170,600.00. Following the sale, the chief executive officer owned 81,243 shares in the company, valued at approximately $4,755,152.79. This trade represents a 19.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Bank of N.T. Butterfield & Son Stock Performance

NTB traded up $0.67 during mid-day trading on Tuesday, reaching $59.13. The stock had a trading volume of 243,054 shares, compared to its average volume of 173,889. The stock has a market capitalization of $2.48 billion, a P/E ratio of 10.23 and a beta of 0.51. The firm’s fifty day simple moving average is $56.21 and its two-hundred day simple moving average is $52.78. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $59.36.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. The company had revenue of $155.93 million for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%. As a group, analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 34.60%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds and other institutional investors have recently made changes to their positions in NTB. Millennium Management LLC raised its position in shares of Bank of N.T. Butterfield & Son by 119.4% in the third quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after buying an additional 215,397 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $9,579,000. LSV Asset Management raised its position in shares of Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after buying an additional 172,666 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Bank of N.T. Butterfield & Son by 648.6% in the first quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank’s stock valued at $10,168,000 after buying an additional 167,871 shares in the last quarter. Finally, UBS Group AG raised its position in shares of Bank of N.T. Butterfield & Son by 380.1% in the fourth quarter. UBS Group AG now owns 196,771 shares of the bank’s stock valued at $9,803,000 after buying an additional 155,784 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NTB. Wells Fargo & Company lifted their target price on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. 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. Finally, Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.33.

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.