Zacks Investment Management Sells 1,139 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Zacks Investment Management reduced its position in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 6.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 16,190 shares of the bank’s stock after selling 1,139 shares during the quarter. Zacks Investment Management’s holdings in Bank of N.T. Butterfield & Son were worth $597,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Jane Street Group LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 42.7% during the 3rd quarter. Jane Street Group LLC now owns 71,567 shares of the bank’s stock valued at $2,639,000 after acquiring an additional 21,430 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Bank of N.T. Butterfield & Son by 8.3% during the 3rd quarter. Stifel Financial Corp now owns 7,832 shares of the bank’s stock valued at $289,000 after acquiring an additional 602 shares during the last quarter. Quarry LP boosted its position in shares of Bank of N.T. Butterfield & Son by 223.7% during the 3rd quarter. Quarry LP now owns 2,564 shares of the bank’s stock valued at $95,000 after acquiring an additional 1,772 shares during the last quarter. Point72 DIFC Ltd boosted its position in shares of Bank of N.T. Butterfield & Son by 370.1% during the 3rd quarter. Point72 DIFC Ltd now owns 1,368 shares of the bank’s stock valued at $50,000 after acquiring an additional 1,077 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Bank of N.T. Butterfield & Son by 294.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 7,100 shares of the bank’s stock valued at $262,000 after acquiring an additional 5,300 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB opened at $37.53 on Wednesday. The business has a fifty day moving average of $37.53 and a 200 day moving average of $36.59. The Bank of N.T. Butterfield & Son Limited has a 52-week low of $28.73 and a 52-week high of $40.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.66 and a current ratio of 0.66.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Tuesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Bank of N.T. Butterfield & Son had a return on equity of 21.14% and a net margin of 25.93%. The business had revenue of $142.70 million for the quarter, compared to analyst estimates of $142.07 million. During the same quarter last year, the firm posted $1.16 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. On average, research analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.52 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid a $0.44 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $1.76 dividend on an annualized basis and a yield of 4.69%. Bank of N.T. Butterfield & Son’s payout ratio is 39.20%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods downgraded Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $44.00 to $41.00 in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.60.

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.