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

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 272,500 shares, a decrease of 16.9% from the June 30th total of 328,100 shares. Based on an average daily trading volume, of 204,400 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.6% of the shares of the company are short sold.

Bank of N.T. Butterfield & Son Trading Down 1.1 %

Shares of NTB traded down $0.43 during mid-day trading on Monday, reaching $38.67. The stock had a trading volume of 269,955 shares, compared to its average volume of 210,997. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 8.69 and a beta of 1.20. The business’s fifty day moving average is $35.32 and its 200 day moving average is $32.80. Bank of N.T. Butterfield & Son has a 52-week low of $24.62 and a 52-week high of $40.55.

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

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a $0.44 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.55%. Bank of N.T. Butterfield & Son’s payout ratio is presently 39.55%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NTB. Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. The Goldman Sachs Group boosted their price objective 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. Finally, Wells Fargo & Company increased their target price 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.40.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of NTB. Dimensional Fund Advisors LP boosted its holdings in Bank of N.T. Butterfield & Son by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock valued at $46,534,000 after purchasing an additional 25,383 shares during the period. Vanguard Group Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 5.4% during the first quarter. Vanguard Group Inc. now owns 903,713 shares of the bank’s stock worth $28,910,000 after buying an additional 46,416 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Bank of N.T. Butterfield & Son by 66.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after buying an additional 266,450 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Bank of N.T. Butterfield & Son by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 360,900 shares of the bank’s stock valued at $11,552,000 after acquiring an additional 17,046 shares in the last quarter. Finally, Norges Bank purchased a new position in Bank of N.T. Butterfield & Son in the fourth quarter worth approximately $10,909,000. 62.73% of the stock is currently owned by hedge funds and other 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.