Tudor Investment Corp ET AL Raises Stake in Bank of N.T. Butterfield & Son Limited (The) $NTB

Tudor Investment Corp ET AL lifted its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 16.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,841 shares of the bank’s stock after purchasing an additional 19,327 shares during the period. Tudor Investment Corp ET AL’s holdings in Bank of N.T. Butterfield & Son were worth $5,787,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its stake in Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock worth $65,140,000 after acquiring an additional 140,041 shares in the last quarter. Invesco Ltd. grew its stake in Bank of N.T. Butterfield & Son by 5.3% in the third quarter. Invesco Ltd. now owns 965,753 shares of the bank’s stock worth $41,450,000 after purchasing an additional 48,368 shares in the last quarter. LSV Asset Management raised its position in Bank of N.T. Butterfield & Son by 6.9% during the 3rd quarter. LSV Asset Management now owns 651,259 shares of the bank’s stock valued at $27,952,000 after purchasing an additional 41,800 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Bank of N.T. Butterfield & Son by 119.4% in the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after buying an additional 215,397 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in shares of Bank of N.T. Butterfield & Son by 93.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank’s stock worth $13,401,000 after buying an additional 150,518 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB opened at $51.56 on Wednesday. The stock has a market capitalization of $2.16 billion, a P/E ratio of 9.41 and a beta of 0.54. The company’s 50-day simple moving average is $51.50 and its 200-day simple moving average is $48.10. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $34.85 and a fifty-two week high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. The company had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. During the same period last year, the firm earned $1.34 earnings per share. On average, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.9%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 36.50%.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a stock repurchase program on Monday, December 8th that allows the company to repurchase $140.00 million in shares. This repurchase authorization allows the bank to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Wells Fargo & Company boosted their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods upped their price target on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

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.