Lazard Asset Management LLC Increases Stock Holdings in Bank of N.T. Butterfield & Son Limited (The) $NTB

Lazard Asset Management LLC raised its position in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 130.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 167,051 shares of the bank’s stock after purchasing an additional 94,596 shares during the quarter. Lazard Asset Management LLC’s holdings in Bank of N.T. Butterfield & Son were worth $8,767,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NTB. Dimensional Fund Advisors LP boosted its holdings in shares of Bank of N.T. Butterfield & Son by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,595,506 shares of the bank’s stock worth $83,730,000 after buying an additional 33,493 shares during the last quarter. Invesco Ltd. increased its holdings in Bank of N.T. Butterfield & Son by 6.3% during the fourth quarter. Invesco Ltd. now owns 1,026,549 shares of the bank’s stock valued at $51,143,000 after buying an additional 60,796 shares during the last quarter. Nuveen LLC increased its holdings in Bank of N.T. Butterfield & Son by 1.2% during the fourth quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after buying an additional 10,852 shares during the last quarter. LSV Asset Management raised its position in Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after acquiring an additional 172,666 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Bank of N.T. Butterfield & Son by 1.6% in the fourth quarter. JPMorgan Chase & Co. now owns 704,254 shares of the bank’s stock worth $35,086,000 after acquiring an additional 10,967 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NTB shares. Weiss Ratings reissued a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Wells Fargo & Company boosted their price target 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. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Insiders Place Their Bets

In other news, Director Mark T. Lynch bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director owned 234,794 shares of the company’s stock, valued at approximately $13,263,513.06. This represents a 4.45% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael W. Collins sold 20,621 shares of the stock in a transaction 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 sale, the chief executive officer owned 60,622 shares of the company’s stock, valued at $3,562,754.94. The trade was a 25.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 60,621 shares of company stock worth $3,557,496. 1.19% of the stock is owned by corporate insiders.

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

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 has a market cap of $2.56 billion, a price-to-earnings ratio of 10.71 and a beta of 0.51. The company’s 50 day moving average is $59.05 and its two-hundred day moving average is $55.10.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. The business had revenue of $159.00 million for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. Sell-side analysts forecast 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors 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 dividend on an annualized basis and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son’s payout ratio is 35.15%.

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.