Insider Buying: Bank of N.T. Butterfield & Son (NYSE:NTB) Director Purchases $564,900.00 in Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Director Mark Lynch bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the purchase, the director owned 234,794 shares of the company’s stock, valued at $13,263,513.06. This trade represents a 4.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Bank of N.T. Butterfield & Son Stock Up 3.6%

NYSE:NTB opened at $57.64 on Friday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 9.97 and a beta of 0.51. The company has a fifty day moving average of $55.36 and a 200 day moving average of $52.15. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $58.06.

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

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a share buyback program on Monday, February 9th that allows the company to repurchase $3.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors 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 3.5%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 34.60%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Wells Fargo & Company upped their price objective on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, February 12th. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $55.00.

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

A number of large investors have recently made changes to their positions in NTB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Bank of N.T. Butterfield & Son by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank’s stock valued at $1,027,000 after purchasing an additional 1,148 shares during the period. Jane Street Group LLC grew its position in Bank of N.T. Butterfield & Son by 80.3% in the 1st quarter. Jane Street Group LLC now owns 70,537 shares of the bank’s stock worth $2,745,000 after purchasing an additional 31,420 shares during the period. Prudential Financial Inc. bought a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter worth approximately $243,000. Invesco Ltd. raised its stake in Bank of N.T. Butterfield & Son by 3.8% during the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank’s stock valued at $40,622,000 after buying an additional 33,657 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after buying an additional 523 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

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.