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

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) was the recipient of a large drop in short interest during the month of April. As of April 30th, there was short interest totaling 304,854 shares, a drop 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 presently 2.0 days. Approximately 0.7% of the company’s shares are sold short.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday, February 11th. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, February 12th. 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 stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son currently has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Stock Down 0.9%

NYSE:NTB opened at $55.50 on Wednesday. The company has a fifty day moving average of $53.98 and a 200-day moving average of $51.26. The firm has a market capitalization of $2.33 billion, a P/E ratio of 9.60 and a beta of 0.51. Bank of N.T. Butterfield & Son has a twelve month low of $40.59 and a twelve month high of $57.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. The company had revenue of $93.29 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. On average, analysts anticipate 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 initiated a stock repurchase plan on Monday, February 9th that allows the company to repurchase $3.00 million in shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

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

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

Several hedge funds have recently bought and sold shares of NTB. Bell Investment Advisors Inc grew its position in Bank of N.T. Butterfield & Son by 284.4% in the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after purchasing an additional 455 shares during the period. EverSource Wealth Advisors LLC grew its position in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after purchasing an additional 523 shares during the period. Jones Financial Companies Lllp grew its position in Bank of N.T. Butterfield & Son by 234.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after purchasing an additional 672 shares during the period. PNC Financial Services Group Inc. grew its position in Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in Bank of N.T. Butterfield & Son in the 3rd quarter valued at $56,000. Institutional investors and hedge funds own 62.73% 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.