Key Points
- CEO Michael Collins sold 61,178 NTB shares at an average price of $59.67, generating approximately $3.65 million. The transaction reduced his direct ownership by 31.66% to 132,037 shares.
- NTB shares were down 3.9%, opening at $59.13, while the bank reported quarterly EPS of $1.58, $159 million in revenue, a 29.34% net margin, and a 22.43% return on equity.
- The company declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 3.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $63.50.
Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) CEO Michael Collins sold 61,178 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $59.67, for a total transaction of $3,650,491.26. Following the transaction, the chief executive officer directly owned 132,037 shares in the company, valued at $7,878,647.79. The trade was a 31.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Bank of N.T. Butterfield & Son Stock Down 3.9%
NTB stock opened at $59.13 on Thursday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $64.17. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 10.39 and a beta of 0.51. The company has a 50 day moving average of $60.63 and a two-hundred day moving average of $56.33.
Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 EPS for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. The business had revenue of $159.00 million for the quarter. On average, research analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current year.
Bank of N.T. Butterfield & Son Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, August 12th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is currently 35.15%.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in NTB. Seelaus Asset Management LLC lifted its holdings in shares of Bank of N.T. Butterfield & Son by 4.1% during the fourth quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank's stock worth $313,000 after buying an additional 250 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Bank of N.T. Butterfield & Son by 5.6% in the third quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank's stock worth $264,000 after acquiring an additional 328 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Bank of N.T. Butterfield & Son by 33.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,802 shares of the bank's stock worth $95,000 after acquiring an additional 456 shares during the period. Cerity Partners LLC increased its position in Bank of N.T. Butterfield & Son by 3.2% during the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank's stock worth $654,000 after acquiring an additional 457 shares during the period. Finally, ProShare Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 7,628 shares of the bank's stock valued at $380,000 after purchasing an additional 492 shares during the last quarter. 62.73% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have commented on NTB. Wells Fargo & Company boosted their target price on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday, June 8th. Keefe, Bruyette & Woods raised their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and an average price target of $63.50.
Get Our Latest Stock Report on Bank of N.T. Butterfield & Son
About Bank of N.T. Butterfield & Son
(
Get Free Report)
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.
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