Insider Selling: Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Sells 61,178 Shares of Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) CEO Michael Collins sold 61,178 shares of Bank of N.T. Butterfield & Son stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $59.67, for a total value of $3,650,491.26. Following the completion of the sale, the chief executive officer directly owned 132,037 shares in the company, valued at approximately $7,878,647.79. This represents a 31.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB traded down $2.38 during trading on Wednesday, reaching $59.13. The stock had a trading volume of 232,075 shares, compared to its average volume of 181,241. The firm’s fifty day moving average is $60.62 and its 200 day moving average is $56.28. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 10.39 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a 52 week low of $40.59 and a 52 week high of $64.17.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. The business had revenue of $159.00 million during the quarter. On average, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. Bank of N.T. Butterfield & Son’s payout ratio is currently 35.15%.

Analysts Set New Price Targets

NTB has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Keefe, Bruyette & Woods upped their price target on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company boosted their price target 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. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in 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 purchasing an additional 523 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Bank of N.T. Butterfield & Son by 3,371.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after purchasing an additional 1,045 shares during the period. CIBC Private Wealth Group LLC bought a new position in Bank of N.T. Butterfield & Son in the third quarter worth about $56,000. Los Angeles Capital Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at $67,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter worth approximately $114,000. 62.73% of the stock is owned by 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.