Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Sells $3,650,491.26 in Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) CEO Michael Collins sold 61,178 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $59.67, for a total value of $3,650,491.26. Following the completion of the transaction, the chief executive officer directly owned 132,037 shares of the company’s stock, valued at $7,878,647.79. This trade represents a 31.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Bank of N.T. Butterfield & Son Stock Down 0.1%

Shares of Bank of N.T. Butterfield & Son stock opened at $58.59 on Friday. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $64.17. The firm’s 50 day moving average is $60.64 and its two-hundred day moving average is $56.40. The firm has a market capitalization of $2.46 billion, a P/E ratio of 10.30 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. The business had revenue of $159.00 million during the quarter. As a group, research analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. Bank of N.T. Butterfield & Son’s payout ratio is 35.15%.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds have recently modified their holdings of NTB. Dimensional Fund Advisors LP increased its holdings in shares of Bank of N.T. Butterfield & Son by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,595,506 shares of the bank’s stock valued at $83,730,000 after acquiring an additional 33,493 shares during the period. Invesco Ltd. raised its position in Bank of N.T. Butterfield & Son by 6.3% in the 4th quarter. Invesco Ltd. now owns 1,026,549 shares of the bank’s stock valued at $51,143,000 after purchasing an additional 60,796 shares during the last quarter. Nuveen LLC raised its position in Bank of N.T. Butterfield & Son by 1.2% in the 4th quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after purchasing an additional 10,852 shares during the last quarter. LSV Asset Management boosted its stake in Bank of N.T. Butterfield & Son by 26.5% during the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after purchasing an additional 172,666 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Bank of N.T. Butterfield & Son by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 704,254 shares of the bank’s stock worth $35,086,000 after purchasing an additional 10,967 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NTB has been the subject of several research analyst reports. Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Keefe, Bruyette & Woods lifted their target price on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company boosted 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 report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

About Bank of N.T. Butterfield & Son

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.