Lazard Asset Management LLC Boosts Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Lazard Asset Management LLC lifted its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 130.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 167,051 shares of the bank’s stock after acquiring an additional 94,596 shares during the period. Lazard Asset Management LLC owned approximately 0.40% of Bank of N.T. Butterfield & Son worth $8,767,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NTB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Bank of N.T. Butterfield & Son by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank’s stock valued at $1,027,000 after purchasing an additional 1,148 shares in the last quarter. Jane Street Group LLC lifted its stake in Bank of N.T. Butterfield & Son by 80.3% during the first quarter. Jane Street Group LLC now owns 70,537 shares of the bank’s stock worth $2,745,000 after purchasing an additional 31,420 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter worth about $243,000. Invesco Ltd. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 3.8% in the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank’s stock worth $40,622,000 after purchasing an additional 33,657 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after purchasing an additional 523 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTB has been the topic of a number of research reports. Wells Fargo & Company raised their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, June 8th. Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.50.

Bank of N.T. Butterfield & Son Trading Up 1.8%

Shares of NYSE:NTB opened at $60.97 on Thursday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $40.59 and a 12-month high of $62.46. The stock’s 50-day moving average price is $59.05 and its 200-day moving average price is $55.10. The stock has a market capitalization of $2.56 billion, a P/E ratio of 10.71 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%.The firm had revenue of $159.00 million for the quarter. As a group, research analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, August 12th. This represents a $2.00 annualized dividend and a yield of 3.3%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 35.15%.

Insider Activity

In related news, Director Mark T. Lynch purchased 10,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. The trade was a 4.45% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the sale, the chief executive officer owned 60,622 shares of the company’s stock, valued at $3,562,754.94. This represents a 25.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 60,621 shares of company stock worth $3,557,496 in the last 90 days. Company insiders own 1.19% of the company’s stock.

Bank of N.T. Butterfield & Son Company 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.