The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Short Interest Down 16.9% in July

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 272,500 shares, a decline of 16.9% from the June 30th total of 328,100 shares. Based on an average daily volume of 204,400 shares, the short-interest ratio is presently 1.3 days. Approximately 0.6% of the company’s stock are sold short.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several institutional investors have recently modified their holdings of the company. Trexquant Investment LP purchased a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth $903,000. Vaughan Nelson Investment Management L.P. boosted its holdings in Bank of N.T. Butterfield & Son by 66.7% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after acquiring an additional 266,450 shares during the period. Jennison Associates LLC bought a new position in Bank of N.T. Butterfield & Son during the 1st quarter worth approximately $977,000. Dimensional Fund Advisors LP increased its stake in Bank of N.T. Butterfield & Son by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock worth $46,534,000 after purchasing an additional 25,383 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 110,053 shares of the bank’s stock valued at $3,523,000 after purchasing an additional 4,377 shares during the period. 62.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday. Piper Sandler reissued an “overweight” rating and issued a $38.00 price target (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. Raymond James reiterated an “outperform” rating and set a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. Finally, The Goldman Sachs Group increased their price target on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.40.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB traded up $0.01 during mid-day trading on Tuesday, hitting $38.63. 313,967 shares of the stock traded hands, compared to its average volume of 212,045. Bank of N.T. Butterfield & Son has a 12-month low of $24.62 and a 12-month high of $40.55. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.96 billion, a PE ratio of 8.69 and a beta of 1.20. The business’s 50-day moving average price is $35.32 and its 200 day moving average price is $32.80.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.04. The company had revenue of $143.10 million for the quarter, compared to analysts’ expectations of $139.75 million. Bank of N.T. Butterfield & Son had a net margin of 25.97% and a return on equity of 22.32%. Bank of N.T. Butterfield & Son’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. On average, analysts expect that Bank of N.T. Butterfield & Son will post 4.55 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 5th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.56%. The ex-dividend date is Monday, August 5th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 39.55%.

About Bank of N.T. Butterfield & Son

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.