Mark Lynch Purchases 10,000 Shares of Bank of N.T. Butterfield & Son (NYSE:NTB) Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Director Mark Lynch purchased 10,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $56.49 per share, with a total value of $564,900.00. Following the purchase, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB opened at $55.68 on Thursday. Bank of N.T. Butterfield & Son Limited has a 1 year low of $40.59 and a 1 year high of $58.06. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 9.63 and a beta of 0.51. The business has a fifty day moving average of $55.24 and a 200-day moving average of $52.06.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The company had revenue of $155.93 million during the quarter. On average, equities research analysts predict 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 disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were issued a $0.50 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 34.60%.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a stock buyback plan on Monday, February 9th that permits the company to repurchase $3.00 million in shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of N.T. Butterfield & Son by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,595,506 shares of the bank’s stock valued at $83,730,000 after purchasing an additional 33,493 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 10.2% during the third quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock valued at $65,140,000 after purchasing an additional 140,041 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of 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 purchasing an additional 60,796 shares during the last quarter. Nuveen LLC lifted its holdings in shares of 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 purchasing an additional 10,852 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after purchasing an additional 172,666 shares during the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NTB. Wells Fargo & Company upped their price objective on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, February 12th. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Keefe, Bruyette & Woods upped their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, February 11th. Finally, Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Company 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.