The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Short Interest Update

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 209,900 shares, a drop of 29.0% from the October 15th total of 295,500 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 165,300 shares, the days-to-cover ratio is presently 1.3 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NTB shares. Wells Fargo & Company boosted their price objective on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lowered Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $44.00 to $41.00 in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.60.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE NTB traded down $0.14 during mid-day trading on Thursday, hitting $37.87. The company had a trading volume of 126,446 shares, compared to its average volume of 198,918. Bank of N.T. Butterfield & Son has a one year low of $27.20 and a one year high of $40.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a 50-day simple moving average of $37.34 and a two-hundred day simple moving average of $36.25.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $142.70 million for the quarter, compared to analyst estimates 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 quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 EPS. Sell-side analysts expect that Bank of N.T. Butterfield & Son will post 4.52 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend is Tuesday, November 5th. Bank of N.T. Butterfield & Son’s dividend payout ratio is 39.20%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NTB. Martingale Asset Management L P boosted its position in shares of Bank of N.T. Butterfield & Son by 54.3% during the 3rd quarter. Martingale Asset Management L P now owns 77,467 shares of the bank’s stock worth $2,857,000 after acquiring an additional 27,254 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at $216,000. Quantbot Technologies LP raised its holdings in shares of Bank of N.T. Butterfield & Son by 82.9% during the 3rd quarter. Quantbot Technologies LP now owns 12,447 shares of the bank’s stock worth $459,000 after buying an additional 5,640 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 3rd quarter worth $271,000. Finally, Jennison Associates LLC boosted its stake in Bank of N.T. Butterfield & Son by 22.7% in the third quarter. Jennison Associates LLC now owns 46,955 shares of the bank’s stock valued at $1,732,000 after buying an additional 8,675 shares in the last quarter. 62.73% of the stock is owned by institutional investors.

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.