Jennison Associates LLC Invests $1.08 Million in Bank of N.T. Butterfield & Son Limited (The) $NTB

Jennison Associates LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 20,650 shares of the bank’s stock, valued at approximately $1,084,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Millennium Management LLC increased its stake in Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after purchasing an additional 215,397 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $9,579,000. LSV Asset Management lifted its stake in 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. boosted its holdings 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 during the period. Finally, UBS Group AG boosted its holdings 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 during the period. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB opened at $60.71 on Thursday. The stock has a 50-day simple moving average of $58.54 and a 200 day simple moving average of $54.73. Bank of N.T. Butterfield & Son Limited has a 52-week low of $40.59 and a 52-week high of $62.46. The company has a market cap of $2.54 billion, a PE ratio of 10.50 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 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, research analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm 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. This represents a $2.00 annualized dividend and a yield of 3.3%. The ex-dividend date was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s payout ratio is presently 34.60%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NTB shares. Wells Fargo & Company increased their price objective on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.50.

Insider Activity

In other news, CEO Michael W. Collins sold 20,621 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the transaction, the chief executive officer owned 60,622 shares in the company, valued at $3,562,754.94. This trade represents a 25.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark T. Lynch acquired 10,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. This represents a 4.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 60,621 shares of company stock worth $3,557,496 over the last three months. Insiders own 1.19% of the company’s stock.

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.