Massachusetts Financial Services Co. MA Sells 1,705 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Massachusetts Financial Services Co. MA lessened its position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 2.4% in the third quarter, HoldingsChannel.com reports. The fund owned 70,440 shares of the bank’s stock after selling 1,705 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Bank of N.T. Butterfield & Son were worth $2,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of NTB. Westwood Holdings Group Inc. bought a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at about $31,906,000. American Century Companies Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 31.7% in the 2nd quarter. American Century Companies Inc. now owns 876,472 shares of the bank’s stock valued at $30,782,000 after acquiring an additional 211,147 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Bank of N.T. Butterfield & Son by 93.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 278,110 shares of the bank’s stock valued at $10,257,000 after acquiring an additional 134,351 shares during the period. Victory Capital Management Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 45.6% in the 2nd quarter. Victory Capital Management Inc. now owns 381,876 shares of the bank’s stock valued at $13,411,000 after acquiring an additional 119,572 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Bank of N.T. Butterfield & Son by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,600,864 shares of the bank’s stock valued at $56,221,000 after acquiring an additional 51,875 shares during the period. Institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods downgraded shares of Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $44.00 to $41.00 in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.60.

Bank of N.T. Butterfield & Son Price Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $37.83 on Wednesday. The Bank of N.T. Butterfield & Son Limited has a twelve month low of $27.20 and a twelve month high of $40.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $37.50 and a two-hundred day simple moving average of $36.44. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 8.43 and a beta of 1.17.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The company had revenue of $142.70 million during the quarter, compared to analysts’ expectations of $142.07 million. Bank of N.T. Butterfield & Son had a net margin of 25.93% and a return on equity of 21.14%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. Analysts forecast that The Bank of N.T. Butterfield & Son Limited will post 4.52 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.65%. The ex-dividend date of this dividend was Tuesday, November 5th. Bank of N.T. Butterfield & Son’s payout ratio is presently 39.20%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company’s lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.