Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High – Still a Buy?

Shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) reached a new 52-week high during trading on Monday . The stock traded as high as $64.95 and last traded at $63.61, with a volume of 172 shares traded. The stock had previously closed at $63.91.

Analyst Upgrades and Downgrades

NTB has been the topic of several analyst reports. Wells Fargo & Company raised their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. Weiss Ratings reissued a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Bank of N.T. Butterfield & Son Trading Down 0.4%

The firm has a market cap of $2.67 billion, a PE ratio of 11.18 and a beta of 0.51. The stock’s 50 day moving average price is $60.46 and its 200 day moving average price is $56.13.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, June 30th. The bank reported $1.58 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 business had revenue of $159.00 million for the quarter. Analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.1%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 35.15%.

Insider Transactions at Bank of N.T. Butterfield & Son

In related news, CEO Michael W. Collins sold 20,621 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly owned 60,622 shares of the company’s stock, valued at $3,562,754.94. This represents a 25.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tara Hidalgo sold 18,587 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $61.27, for a total value of $1,138,825.49. The disclosure for this sale is available in the SEC filing. Insiders have sold 140,392 shares of company stock worth $8,433,447 in the last quarter. 1.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of N.T. Butterfield & Son

A number of hedge funds have recently bought and sold shares of the company. Millennium Management LLC grew its stake in Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after acquiring an additional 215,397 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $9,579,000. LSV Asset Management grew its position in Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after purchasing an additional 172,666 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Bank of N.T. Butterfield & Son by 648.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank’s stock valued at $10,168,000 after buying an additional 167,871 shares during the period. Finally, UBS Group AG boosted its stake in shares of Bank of N.T. Butterfield & Son by 380.1% during the 4th quarter. UBS Group AG now owns 196,771 shares of the bank’s stock valued at $9,803,000 after buying an additional 155,784 shares during the period. 62.73% of the stock is owned by hedge funds and other institutional investors.

About Bank of N.T. Butterfield & Son

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.