State Street Corp Decreases Stake in The Bank of N.T. Butterfield & Son Limited

State Street Corp has recently adjusted its investment in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB). According to the latest Form 13F filing with the SEC, the firm reduced its ownership by 1.2% during the third quarter. After selling 9,804 shares, State Street Corp now holds 815,775 shares of the bank’s stock, valued at approximately $30,086,000.

Additionally, several other institutional investors and hedge funds have also changed their positions in the Bank of N.T. Butterfield & Son. For example, the Bank of New York Mellon Corp increased its stake by 2.9% in the second quarter, owning 173,041 shares worth $5,883,000 after purchasing an additional 4,881 shares. Principal Financial Group Inc. raised its investment by 14.1%, now having 28,946 shares valued at $1,017,000 after acquiring 3,574 shares. Moreover, Commonwealth Equity Services LLC entered a new position worth about $855,000, while Victory Capital Management Inc. boosted its stake by an impressive 45.6%, owning 381,876 shares valued at $13,411,000. Hahn Capital Management LLC also increased its holdings by 20.2%, now totaling 89,826 shares worth $3,155,000. Overall, institutional investors and hedge funds own 62.73% of the stock.

Trading Performance of Bank of N.T. Butterfield & Son

As of Friday, shares of Bank of N.T. Butterfield & Son (NYSE:NTB) opened at $36.51. The stock has experienced a year-long low of $28.73 and a high of $40.55. Its 50-day moving average stands at $37.68, while the 200-day moving average is $36.79. The company boasts a market capitalization of $1.83 billion, a price-to-earnings (P/E) ratio of 8.13, and a beta of 1.17. Furthermore, its current ratio and quick ratio are both at 0.66, with a low debt-to-equity ratio of 0.09.

In terms of financial performance, Bank of N.T. Butterfield & Son reported its earnings results on October 22nd, showing an earnings per share (EPS) of $1.16 for the quarter. This figure exceeded analysts’ expectation of $1.10 by $0.06. The bank achieved a return on equity of 21.14% and a net margin of 25.93% during this time. The quarterly revenue grossed $142.70 million, slightly surpassing the anticipated $142.07 million, and marking a 0.7% increase year-over-year.

Dividend Announcements

Recently, the bank declared a quarterly dividend of $0.44 per share, which was distributed on November 19th. Shareholders of record by November 5th received this dividend, with an annualized total dividend of $1.76, translating to a dividend yield of 4.82%. Currently, the bank maintains a payout ratio of 39.20%.

Analyst Ratings and Future Outlook

In a separate development, Keefe, Bruyette & Woods downgraded the shares of Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating. They also reduced their target price from $44.00 to $41.00 in a report published on October 2nd. Presently, one investment analyst has issued a hold rating, while four analysts have given the company a buy rating. According to MarketBeat data, the consensus rating for Bank of N.T. Butterfield & Son is a “Moderate Buy” with a price target set at $39.60.

About the Bank of N.T. Butterfield & Son

Founded in the British Islands, The Bank of N.T. Butterfield & Son Limited delivers a variety of banking services, including community, commercial, and private banking solutions tailored for individuals and small to medium-sized enterprises. The bank accepts various types of deposits such as retail and corporate checking and savings accounts. Its lending offerings encompass residential mortgages, auto loans, consumer financing, credit cards, and commercial lending.

Banking, Investment, Finance