Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High – Here’s What Happened

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) hit a new 52-week high on Wednesday . The stock traded as high as $61.18 and last traded at $61.23, with a volume of 10022 shares traded. The stock had previously closed at $60.58.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NTB. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Wells Fargo & Company upped their price target on 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. Finally, Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of “Moderate Buy” and an average price target of $59.50.

Bank of N.T. Butterfield & Son Stock Up 1.7%

The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 10.66 and a beta of 0.51. The stock’s 50 day moving average is $57.88 and its 200 day moving average is $54.26.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results 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. Analysts anticipate 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 announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 34.60%.

Insider Activity

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the sale, the chief executive officer owned 60,622 shares in the company, valued at $3,562,754.94. This represents a 25.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark T. Lynch bought 10,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $56.49 per share, with a total value of $564,900.00. Following the purchase, the director directly owned 234,794 shares in the company, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have sold 60,621 shares of company stock worth $3,557,496. Company insiders own 1.19% of the company’s stock.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Bell Investment Advisors Inc boosted its position in Bank of N.T. Butterfield & Son by 284.4% during the third 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 last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 worth $34,000 after purchasing an additional 523 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Bank of N.T. Butterfield & Son by 3,371.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after purchasing an additional 1,045 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $56,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son in the 4th quarter valued at approximately $67,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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.