Geode Capital Management LLC Reduces Holdings in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Geode Capital Management LLC reduced its position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 0.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 563,461 shares of the bank’s stock after selling 2,655 shares during the period. Geode Capital Management LLC’s holdings in Bank of N.T. Butterfield & Son were worth $20,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of Bank of N.T. Butterfield & Son by 276.9% in the 3rd quarter. Barclays PLC now owns 60,763 shares of the bank’s stock valued at $2,241,000 after purchasing an additional 44,641 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Bank of N.T. Butterfield & Son in the third quarter valued at $2,769,000. Jane Street Group LLC raised its holdings in Bank of N.T. Butterfield & Son by 42.7% in the third quarter. Jane Street Group LLC now owns 71,567 shares of the bank’s stock valued at $2,639,000 after acquiring an additional 21,430 shares in the last quarter. Stifel Financial Corp boosted its stake in Bank of N.T. Butterfield & Son by 8.3% during the 3rd quarter. Stifel Financial Corp now owns 7,832 shares of the bank’s stock valued at $289,000 after acquiring an additional 602 shares during the last quarter. Finally, Quarry LP grew its holdings in Bank of N.T. Butterfield & Son by 223.7% during the 3rd quarter. Quarry LP now owns 2,564 shares of the bank’s stock worth $95,000 after acquiring an additional 1,772 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB opened at $36.84 on Friday. The stock has a market capitalization of $1.85 billion, a PE ratio of 8.20 and a beta of 1.17. The business’s fifty day moving average price is $37.53 and its 200 day moving average price is $36.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.66 and a quick ratio of 0.66. The Bank of N.T. Butterfield & Son Limited has a 12-month low of $28.73 and a 12-month high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Bank of N.T. Butterfield & Son had a net margin of 25.93% and a return on equity of 21.14%. The company had revenue of $142.70 million for the quarter, compared to the consensus estimate of $142.07 million. During the same period last year, the firm posted $1.16 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that The Bank of N.T. Butterfield & Son Limited will post 4.52 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid 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 4.78%. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.20%.

Bank of N.T. Butterfield & Son Profile

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.