JPMorgan Chase & Co. Trims Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

JPMorgan Chase & Co. trimmed its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 8.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 693,287 shares of the bank’s stock after selling 63,689 shares during the quarter. JPMorgan Chase & Co.’s holdings in Bank of N.T. Butterfield & Son were worth $29,756,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after purchasing an additional 523 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Bank of N.T. Butterfield & Son by 234.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after buying an additional 672 shares during the period. PNC Financial Services Group Inc. raised its position in 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 buying an additional 1,045 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 3rd quarter worth $74,000. Finally, USA Financial Formulas boosted its holdings in shares of Bank of N.T. Butterfield & Son by 196.3% in the third quarter. USA Financial Formulas now owns 1,784 shares of the bank’s stock valued at $77,000 after acquiring an additional 1,182 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 Price Performance

NYSE NTB opened at $50.84 on Friday. The business has a 50 day moving average price of $51.33 and a 200 day moving average price of $47.36. The company has a market capitalization of $2.13 billion, a P/E ratio of 9.28 and a beta of 0.57. Bank of N.T. Butterfield & Son Limited has a 1-year low of $34.85 and a 1-year high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.The company had revenue of $158.90 million for the quarter, compared to analyst estimates of $153.49 million. During the same quarter in the prior year, the company earned $1.34 earnings per share. On average, research 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 announced that its board has approved a stock repurchase plan on Monday, December 8th that allows the company to repurchase $140.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of N.T. Butterfield & Son Dividend Announcement

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

Analyst Ratings Changes

Several research firms recently issued reports on NTB. Zacks Research raised shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Wells Fargo & Company increased their target price on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Keefe, Bruyette & Woods lifted 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. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son 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.