The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 2.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 16,584 shares of the bank’s stock after selling 392 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Bank of N.T. Butterfield & Son were worth $612,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in Bank of N.T. Butterfield & Son during the third quarter worth approximately $37,000. Meeder Asset Management Inc. acquired a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth $56,000. Point72 Asset Management L.P. purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at $63,000. Nisa Investment Advisors LLC increased its stake in Bank of N.T. Butterfield & Son by 222.0% in the third quarter. Nisa Investment Advisors LLC now owns 2,254 shares of the bank’s stock valued at $83,000 after purchasing an additional 1,554 shares during the last quarter. Finally, Blue Trust Inc. purchased a new position in Bank of N.T. Butterfield & Son during the second quarter worth about $138,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Bank of N.T. Butterfield & Son Stock Performance

NYSE NTB opened at $38.11 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.66 and a current ratio of 0.66. The Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $28.73 and a fifty-two week high of $40.55. The business has a 50 day moving average price of $37.66 and a two-hundred day moving average price of $36.67.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $142.70 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. On average, equities analysts predict that The Bank of N.T. Butterfield & Son Limited will post 4.52 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were given a $0.44 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $1.76 dividend on an annualized basis and a yield of 4.62%. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.20%.

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.