Insider Selling: Bank of N.T. Butterfield & Son (NYSE:NTB) CEO Sells 20,621 Shares of Stock

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) CEO Michael Collins sold 20,621 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly owned 60,622 shares of the company’s stock, valued at $3,562,754.94. This trade represents a 25.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Bank of N.T. Butterfield & Son Stock Up 1.1%

NTB traded up $0.67 on Tuesday, reaching $59.13. The company’s stock had a trading volume of 243,054 shares, compared to its average volume of 173,889. The stock has a 50 day moving average of $56.21 and a two-hundred day moving average of $52.78. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 10.23 and a beta of 0.51. Bank of N.T. Butterfield & Son Limited has a fifty-two week low of $40.59 and a fifty-two week high of $59.36.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. The firm had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%. As a group, analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.1 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 34.60%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Several large investors have recently modified their holdings of NTB. Millennium Management LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 119.4% during the third quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after purchasing an additional 215,397 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $9,579,000. LSV Asset Management raised its stake in shares of Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after purchasing an additional 172,666 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Bank of N.T. Butterfield & Son by 648.6% during the first quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank’s stock worth $10,168,000 after purchasing an additional 167,871 shares during the last quarter. Finally, UBS Group AG raised its stake in shares of Bank of N.T. Butterfield & Son by 380.1% during the fourth quarter. UBS Group AG now owns 196,771 shares of the bank’s stock worth $9,803,000 after purchasing an additional 155,784 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NTB shares. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Weiss Ratings raised Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Finally, Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.33.

Bank of N.T. Butterfield & Son Company 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.