Creative Planning Sells 4,176 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Creative Planning trimmed its position in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 33.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,315 shares of the bank’s stock after selling 4,176 shares during the period. Creative Planning’s holdings in Bank of N.T. Butterfield & Son were worth $292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Bank of N.T. Butterfield & Son by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 903,713 shares of the bank’s stock valued at $28,910,000 after purchasing an additional 46,416 shares during the period. Jennison Associates LLC bought a new stake in shares of Bank of N.T. Butterfield & Son in the first quarter valued at approximately $977,000. Hahn Capital Management LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 20.2% in the second quarter. Hahn Capital Management LLC now owns 89,826 shares of the bank’s stock valued at $3,155,000 after acquiring an additional 15,075 shares during the period. Westwood Holdings Group Inc. acquired a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter worth $31,906,000. Finally, Principal Financial Group Inc. increased its position in Bank of N.T. Butterfield & Son by 14.1% during the second quarter. Principal Financial Group Inc. now owns 28,946 shares of the bank’s stock worth $1,017,000 after acquiring an additional 3,574 shares during the period. 62.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods downgraded shares of Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $44.00 to $41.00 in a report on Wednesday, October 2nd. The Goldman Sachs Group lifted their target price on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Wells Fargo & Company upped their price target on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $39.60.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB opened at $38.73 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The company has a 50-day moving average of $37.12 and a 200-day moving average of $35.47. The Bank of N.T. Butterfield & Son Limited has a 52 week low of $24.62 and a 52 week high of $40.55. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 8.70 and a beta of 1.18.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. Bank of N.T. Butterfield & Son had a net margin of 25.97% and a return on equity of 22.32%. The firm had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $139.75 million. During the same quarter last year, the company earned $1.14 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities research analysts anticipate that The Bank of N.T. Butterfield & Son Limited will post 4.45 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend was Monday, August 5th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 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.