Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Short Interest Update

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) saw a significant drop in short interest in April. As of April 30th, there was short interest totaling 304,854 shares, a drop of 35.6% from the April 15th total of 473,366 shares. Based on an average daily volume of 155,355 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Wells Fargo & Company raised their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods raised their price objective 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 report on Wednesday, February 11th. Finally, Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son Trading Down 0.3%

Shares of Bank of N.T. Butterfield & Son stock traded down $0.18 during trading on Tuesday, reaching $55.80. The company’s stock had a trading volume of 61,307 shares, compared to its average volume of 163,738. The company has a 50-day moving average price of $53.87 and a two-hundred day moving average price of $51.18. The firm has a market cap of $2.34 billion, a PE ratio of 9.65 and a beta of 0.51. Bank of N.T. Butterfield & Son has a fifty-two week low of $40.59 and a fifty-two week high of $57.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. The business had revenue of $93.29 million for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. On average, analysts predict that Bank of N.T. Butterfield & Son will post 6.32 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, May 13th. Bank of N.T. Butterfield & Son’s payout ratio is currently 34.60%.

Bank of N.T. Butterfield & Son declared that its Board of Directors has initiated a stock repurchase plan on Monday, February 9th that permits the company to repurchase $3.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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

Several institutional investors have recently bought and sold shares of the company. Bell Investment Advisors Inc boosted its position in shares of Bank of N.T. Butterfield & Son by 284.4% in the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock worth $26,000 after buying an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after buying an additional 523 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Bank of N.T. Butterfield & Son by 234.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock worth $42,000 after buying an additional 672 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after buying an additional 1,045 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son in the 3rd quarter worth about $56,000. 62.73% of the stock is owned by institutional investors and hedge funds.

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.