Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Michael Collins Sells 70,859 Shares of Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) CEO Michael Collins sold 70,859 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $61.79, for a total value of $4,378,377.61. Following the sale, the chief executive officer directly owned 61,178 shares in the company, valued at $3,780,188.62. This trade represents a 53.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $59.13 on Thursday. The business has a 50 day moving average price of $60.63 and a 200 day moving average price of $56.33. The company has a market capitalization of $2.48 billion, a P/E ratio of 10.39 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a 1-year low of $40.59 and a 1-year high of $64.17.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Tuesday, June 30th. The bank reported $1.58 EPS for the quarter. The company had revenue of $159.00 million for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. On average, research analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be paid 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 of this dividend is Wednesday, August 12th. Bank of N.T. Butterfield & Son’s payout ratio is 35.15%.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter worth approximately $1,374,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at $424,000. Globeflex Capital L P purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at $8,226,000. Redhawk Wealth Advisors Inc. lifted its position in Bank of N.T. Butterfield & Son by 3.8% during the second quarter. Redhawk Wealth Advisors Inc. now owns 29,294 shares of the bank’s stock worth $1,743,000 after buying an additional 1,082 shares during the period. Finally, Bank of America Corp DE grew its holdings in Bank of N.T. Butterfield & Son by 9.6% in the 1st quarter. Bank of America Corp DE now owns 159,457 shares of the bank’s stock valued at $8,368,000 after buying an additional 14,008 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of 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 upped their price target on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.50.

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.