Denali Advisors LLC Lowers Stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Denali Advisors LLC cut its position in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,266 shares of the bank’s stock after selling 18,490 shares during the quarter. Bank of N.T. Butterfield & Son makes up 1.3% of Denali Advisors LLC’s investment portfolio, making the stock its 29th largest position. Denali Advisors LLC’s holdings in Bank of N.T. Butterfield & Son were worth $4,391,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Adage Capital Partners GP L.L.C. grew its holdings in Bank of N.T. Butterfield & Son by 11.5% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock valued at $47,843,000 after purchasing an additional 182,265 shares during the period. Dimensional Fund Advisors LP grew its holdings in Bank of N.T. Butterfield & Son by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock valued at $46,534,000 after purchasing an additional 25,383 shares during the period. Vanguard Group Inc. grew its holdings in Bank of N.T. Butterfield & Son by 20.8% in the third quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after purchasing an additional 139,485 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in Bank of N.T. Butterfield & Son by 66.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after buying an additional 266,450 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Bank of N.T. Butterfield & Son by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 360,900 shares of the bank’s stock valued at $11,552,000 after buying an additional 17,046 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

NTB stock traded down $0.28 during trading on Wednesday, hitting $34.76. The company had a trading volume of 54,283 shares, compared to its average volume of 205,835. The Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $24.62 and a fifty-two week high of $36.06. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 7.89 and a beta of 1.20. The business has a 50 day moving average of $34.35 and a 200 day moving average of $32.07.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The company had revenue of $142.80 million during the quarter, compared to the consensus estimate of $137.28 million. During the same period in the prior year, the company earned $1.24 EPS. Bank of N.T. Butterfield & Son’s revenue was down 2.9% on a year-over-year basis. As a group, research analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th were issued a $0.44 dividend. The ex-dividend date was Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.06%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 39.55%.

Analyst Ratings Changes

A number of research analysts have recently commented on NTB shares. Raymond James reissued an “outperform” rating and set a $36.00 target price (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. Piper Sandler reissued an “overweight” rating and set a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.80.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.