The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Sees Significant Decrease in Short Interest

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) saw a large decline in short interest in July. As of July 15th, there was short interest totalling 272,500 shares, a decline of 16.9% from the June 30th total of 328,100 shares. Based on an average trading volume of 204,400 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.6% of the company’s shares are sold short.

Wall Street Analyst Weigh In

NTB has been the subject of several recent research reports. Raymond James reissued an “outperform” rating and issued a $36.00 price target (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. Wells Fargo & Company boosted their price target on shares of Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday. The Goldman Sachs Group boosted their target price on shares of Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Piper Sandler reissued an “overweight” rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

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

A number of large investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth about $10,909,000. Vaughan Nelson Investment Management L.P. increased its position in Bank of N.T. Butterfield & Son by 66.7% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after purchasing an additional 266,450 shares during the period. Mendon Capital Advisors Corp purchased a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $7,202,000. Vanguard Group Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 20.8% in the 3rd quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after buying an additional 139,485 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Bank of N.T. Butterfield & Son by 635.5% in the first quarter. Assenagon Asset Management S.A. now owns 152,896 shares of the bank’s stock valued at $4,891,000 after buying an additional 132,107 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB traded up $0.01 on Tuesday, reaching $38.63. The company’s stock had a trading volume of 313,967 shares, compared to its average volume of 212,045. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. Bank of N.T. Butterfield & Son has a 52-week low of $24.62 and a 52-week high of $40.55. The stock’s 50-day moving average is $35.32 and its two-hundred day moving average is $32.80. The stock has a market capitalization of $1.96 billion, a P/E ratio of 8.69 and a beta of 1.20.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. The company had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $139.75 million. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS. As a group, sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 4.55 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 Monday, August 19th. Investors of record on Monday, August 5th will be given a $0.44 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.76 dividend on an annualized basis and a yield of 4.56%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 39.55%.

Bank of N.T. Butterfield & Son Company Profile

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.