Bank of N.T. Butterfield & Son Limited (The) $NTB Holdings Cut by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. reduced its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 72.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,711 shares of the bank’s stock after selling 82,165 shares during the period. Harbor Capital Advisors Inc. owned 0.07% of Bank of N.T. Butterfield & Son worth $1,361,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. USA Financial Formulas acquired a new position in Bank of N.T. Butterfield & Son in the 2nd quarter worth about $27,000. EverSource Wealth Advisors LLC grew its stake 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 valued at $34,000 after buying an additional 523 shares in the last quarter. AdvisorNet Financial Inc increased its holdings in Bank of N.T. Butterfield & Son by 207.4% in the second quarter. AdvisorNet Financial Inc now owns 830 shares of the bank’s stock worth $37,000 after buying an additional 560 shares during the last quarter. California State Teachers Retirement System raised its position in Bank of N.T. Butterfield & Son by 29.4% during the second quarter. California State Teachers Retirement System now owns 2,717 shares of the bank’s stock valued at $120,000 after acquiring an additional 617 shares in the last quarter. Finally, Quarry LP lifted its stake in Bank of N.T. Butterfield & Son by 8.4% in the first quarter. Quarry LP now owns 3,327 shares of the bank’s stock valued at $129,000 after acquiring an additional 258 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $50.00 price objective (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 8th. Zacks Research raised Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. One 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 presently has an average rating of “Moderate Buy” and an average target price of $50.67.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $50.56 on Friday. Bank of N.T. Butterfield & Son Limited has a 52 week low of $34.77 and a 52 week high of $52.11. The firm has a market capitalization of $2.40 billion, a PE ratio of 9.58 and a beta of 0.57. The business’s 50-day simple moving average is $47.03 and its 200-day simple moving average is $45.28.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Tuesday, October 28th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.21. The firm had revenue of $153.30 million for the quarter, compared to analyst estimates of $147.92 million. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 EPS. Research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

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

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 11th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $2.00 dividend on an annualized basis and a yield of 4.0%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 37.88%.

Bank of N.T. Butterfield & Son 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.