Jennison Associates LLC Acquires 8,675 Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Jennison Associates LLC lifted its stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) by 22.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,955 shares of the bank’s stock after purchasing an additional 8,675 shares during the period. Jennison Associates LLC’s holdings in Bank of N.T. Butterfield & Son were worth $1,732,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in NTB. Capital Performance Advisors LLP purchased a new stake in Bank of N.T. Butterfield & Son in the 3rd quarter valued at about $37,000. Lazard Asset Management LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son in the first quarter valued at approximately $44,000. Meeder Asset Management Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at approximately $56,000. Point72 Asset Management L.P. purchased a new position in Bank of N.T. Butterfield & Son during the 2nd quarter worth $63,000. Finally, Nisa Investment Advisors LLC increased its holdings in Bank of N.T. Butterfield & Son by 222.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,254 shares of the bank’s stock worth $83,000 after purchasing an additional 1,554 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Bank of N.T. Butterfield & Son Stock Up 0.4 %

NYSE NTB opened at $38.45 on Friday. The Bank of N.T. Butterfield & Son Limited has a 52-week low of $27.20 and a 52-week high of $40.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average price is $37.48 and its 200-day moving average price is $36.40.

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 (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $142.70 million for the quarter, compared to analysts’ expectations of $142.07 million. Bank of N.T. Butterfield & Son had a return on equity of 21.14% and a net margin of 25.93%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. On average, equities 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were issued a $0.44 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $1.76 dividend on an annualized basis and a yield of 4.58%. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 39.20%.

Bank of N.T. Butterfield & Son Company 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.