Canoe Financial LP Has $2.23 Million Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Canoe Financial LP increased its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 289.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,275 shares of the bank’s stock after purchasing an additional 37,359 shares during the quarter. Canoe Financial LP’s holdings in Bank of N.T. Butterfield & Son were worth $2,226,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. LSV Asset Management boosted its position in Bank of N.T. Butterfield & Son by 53.9% in the first quarter. LSV Asset Management now owns 534,659 shares of the bank’s stock valued at $20,809,000 after buying an additional 187,160 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Bank of N.T. Butterfield & Son by 84.7% in the 4th quarter. Millennium Management LLC now owns 326,748 shares of the bank’s stock valued at $11,943,000 after acquiring an additional 149,803 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 10.0% during the 1st quarter. American Century Companies Inc. now owns 1,257,197 shares of the bank’s stock valued at $48,930,000 after acquiring an additional 114,367 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 8.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 993,807 shares of the bank’s stock valued at $38,679,000 after acquiring an additional 78,342 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 57.3% during the 1st quarter. AQR Capital Management LLC now owns 155,199 shares of the bank’s stock valued at $6,040,000 after acquiring an additional 56,560 shares in the last quarter. Institutional investors own 62.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday, July 11th. Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.33.

Bank of N.T. Butterfield & Son Stock Up 2.1%

Shares of NYSE NTB opened at $45.73 on Friday. The company has a market capitalization of $2.17 billion, a PE ratio of 9.18 and a beta of 0.67. Bank of N.T. Butterfield & Son Limited has a twelve month low of $34.77 and a twelve month high of $46.89. The firm has a fifty day simple moving average of $45.09 and a 200 day simple moving average of $42.19.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $146.30 million during the quarter, compared to the consensus estimate of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.During the same period last year, the business posted $1.09 EPS. As a group, equities analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.50 dividend. The ex-dividend date was Monday, August 11th. This is an increase from Bank of N.T. Butterfield & Son’s previous quarterly dividend of $0.44. This represents a $2.00 dividend on an annualized basis and a yield of 4.4%. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 40.16%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.