Harbor Advisors LLC Sells 10,500 Shares of Bank of N.T. Butterfield & Son Limited (The) $NTB

Harbor Advisors LLC decreased its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 6.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,908 shares of the bank’s stock after selling 10,500 shares during the quarter. Bank of N.T. Butterfield & Son makes up about 1.1% of Harbor Advisors LLC’s investment portfolio, making the stock its 14th largest position. Harbor Advisors LLC owned 0.35% of Bank of N.T. Butterfield & Son worth $7,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of N.T. Butterfield & Son by 2.1% during the first 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. Jennison Associates LLC bought a new stake in shares of Bank of N.T. Butterfield & Son in the 1st quarter worth about $1,084,000. Hillsdale Investment Management Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 3,764.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank’s stock worth $345,000 after purchasing an additional 6,400 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Bank of N.T. Butterfield & Son by 13.2% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 50,667 shares of the bank’s stock worth $2,659,000 after purchasing an additional 5,910 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Bank of N.T. Butterfield & Son by 6.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,889 shares of the bank’s stock worth $1,936,000 after purchasing an additional 2,180 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on NTB shares. Wells Fargo & Company boosted their price target on shares of 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. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.50.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB opened at $61.32 on Monday. Bank of N.T. Butterfield & Son Limited has a twelve month low of $40.59 and a twelve month high of $62.46. The firm has a market cap of $2.57 billion, a PE ratio of 10.61 and a beta of 0.51. The business has a fifty day moving average of $58.20 and a 200-day moving average of $54.50.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The business had revenue of $155.93 million for the quarter. On average, analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 34.60%.

Insider Buying and Selling

In related news, Director Mark T. Lynch acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $56.49 per share, for a total transaction of $564,900.00. Following the transaction, the director directly owned 234,794 shares of the company’s stock, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael W. Collins sold 20,621 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer owned 60,622 shares of the company’s stock, valued at $3,562,754.94. This trade represents a 25.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,621 shares of company stock worth $3,557,496 over the last quarter. 1.19% of the stock is owned by company insiders.

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.