Summit Global Investments Makes New $439,000 Investment in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Summit Global Investments bought a new stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 13,726 shares of the bank’s stock, valued at approximately $439,000.

Several other large investors also recently bought and sold shares of the company. Meritage Portfolio Management boosted its stake in shares of Bank of N.T. Butterfield & Son by 5.5% in the third quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after acquiring an additional 425 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 304.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock worth $234,000 after purchasing an additional 6,500 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the third quarter worth $268,000. D L Carlson Investment Group Inc. raised its position in shares of Bank of N.T. Butterfield & Son by 32.4% in the third quarter. D L Carlson Investment Group Inc. now owns 11,455 shares of the bank’s stock valued at $310,000 after buying an additional 2,800 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth about $320,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NTB shares. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. The Goldman Sachs Group boosted their price objective on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, Keefe, Bruyette & Woods dropped their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.80.

Bank of N.T. Butterfield & Son Stock Up 0.7 %

Shares of NYSE NTB opened at $35.37 on Monday. The company has a market capitalization of $1.78 billion, a P/E ratio of 7.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.66. The company has a 50 day simple moving average of $31.29 and a 200-day simple moving average of $30.14. The Bank of N.T. Butterfield & Son Limited has a 1 year low of $22.93 and a 1 year high of $36.00.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The company had revenue of $142.80 million during the quarter, compared to analyst estimates of $137.28 million. During the same period in the prior year, the business posted $1.24 earnings per share. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities research analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be issued a dividend of $0.44 per share. The ex-dividend date is Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a yield of 4.98%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 39.55%.

About Bank of N.T. Butterfield & Son

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.