Truist Financial Corp Makes New $556,000 Investment in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Truist Financial Corp purchased a new stake in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,829 shares of the bank’s stock, valued at approximately $556,000.

A number of other hedge funds have also recently modified their holdings of the company. Point72 Asset Management L.P. acquired a new position in Bank of N.T. Butterfield & Son in the second quarter valued at approximately $63,000. AQR Capital Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at $861,000. Cubist Systematic Strategies LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 34.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 118,469 shares of the bank’s stock worth $4,161,000 after purchasing an additional 30,507 shares during the period. Westwood Holdings Group Inc. acquired a new stake in shares of Bank of N.T. Butterfield & Son during the 2nd quarter worth about $31,906,000. Finally, Denali Advisors LLC raised its holdings in Bank of N.T. Butterfield & Son by 6.7% in the 2nd quarter. Denali Advisors LLC now owns 146,415 shares of the bank’s stock valued at $5,142,000 after buying an additional 9,149 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods cut Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $44.00 to $41.00 in a research note on Wednesday, October 2nd. Finally, The Goldman Sachs Group lifted their price objective on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.60.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE NTB opened at $38.35 on Wednesday. The stock’s 50-day simple moving average is $36.86 and its 200-day simple moving average is $35.37. The firm has a market capitalization of $1.93 billion, a PE ratio of 8.62 and a beta of 1.18. The Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $24.62 and a fifty-two week high of $40.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Monday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $139.75 million. During the same quarter in the prior year, the business posted $1.14 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts forecast that The Bank of N.T. Butterfield & Son Limited will post 4.45 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Monday, August 5th. Bank of N.T. Butterfield & Son’s payout ratio is currently 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.