Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its holdings in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) by 9.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,014,000 shares of the bank’s stock after selling 104,983 shares during the quarter. Thrivent Financial for Lutherans owned 2.13% of Bank of N.T. Butterfield & Son worth $43,521,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of NTB. Assenagon Asset Management S.A. increased its stake in shares of Bank of N.T. Butterfield & Son by 420.7% during the third quarter. Assenagon Asset Management S.A. now owns 255,544 shares of the bank’s stock valued at $10,968,000 after acquiring an additional 206,464 shares during the period. JCSD Capital LLC bought a new position in Bank of N.T. Butterfield & Son during the 2nd quarter valued at $3,489,000. Y Intercept Hong Kong Ltd boosted its stake in Bank of N.T. Butterfield & Son by 152.2% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 13,920 shares of the bank’s stock valued at $616,000 after purchasing an additional 8,400 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the 2nd quarter valued at $213,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Bank of N.T. Butterfield & Son in the 2nd quarter worth $1,393,000. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Stock Up 2.1%

Shares of Bank of N.T. Butterfield & Son stock opened at $52.90 on Tuesday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $34.85 and a 12-month high of $53.08. The firm has a market capitalization of $2.46 billion, a PE ratio of 10.02 and a beta of 0.57. The stock’s fifty day moving average is $50.05 and its 200-day moving average is $46.39.

Bank of N.T. Butterfield & Son declared that its board has authorized a stock repurchase program on Monday, December 8th that permits the company to repurchase $140.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Finally, Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.67.

Bank of N.T. Butterfield & Son Profile

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.