Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 8.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 693,287 shares of the bank’s stock after selling 63,689 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.46% of Bank of N.T. Butterfield & Son worth $29,756,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Rovida Advisors Inc. purchased a new position in Bank of N.T. Butterfield & Son in the second quarter worth approximately $79,413,000. American Century Companies Inc. raised its holdings in shares of Bank of N.T. Butterfield & Son by 9.6% in the 2nd quarter. American Century Companies Inc. now owns 1,377,664 shares of the bank’s stock valued at $61,003,000 after purchasing an additional 120,467 shares in the last quarter. Invesco Ltd. lifted its position in shares of 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 worth $40,622,000 after purchasing an additional 33,657 shares during the last quarter. LSV Asset Management grew its stake in shares of Bank of N.T. Butterfield & Son by 6.9% during the third quarter. LSV Asset Management now owns 651,259 shares of the bank’s stock worth $27,952,000 after purchasing an additional 41,800 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 1.2% during the second quarter. Bridgeway Capital Management LLC now owns 268,419 shares of the bank’s stock worth $11,886,000 after purchasing an additional 3,158 shares in the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Stock Performance

NTB opened at $50.84 on Friday. Bank of N.T. Butterfield & Son Limited has a one year low of $34.85 and a one year high of $55.84. The stock has a market capitalization of $2.13 billion, a P/E ratio of 9.28 and a beta of 0.57. The business’s 50-day simple moving average is $51.33 and its 200-day simple moving average is $47.36.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. The firm had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.During the same period in the prior year, the firm earned $1.34 EPS. On average, equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a stock repurchase program on Monday, December 8th that allows the company to buyback $140.00 million in shares. This buyback authorization allows the bank to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be given a $0.50 dividend. The ex-dividend date is Monday, February 23rd. This represents a $2.00 annualized dividend and a yield of 3.9%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 36.50%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NTB shares. Keefe, Bruyette & Woods raised their price target on 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. Wells Fargo & Company increased 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 report on Thursday, February 12th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Finally, Zacks Research raised Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

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.