The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Sees Significant Decline in Short Interest

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) was the target of a significant drop in short interest during the month of 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 shares of the company are short sold. Based on an average trading volume of 165,300 shares, the short-interest ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NTB shares. Wells Fargo & Company upped their price target on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an “overweight” rating in a 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 cut their target price for the company from $44.00 to $41.00 in a research note 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.60.

Bank of N.T. Butterfield & Son Trading Down 0.4 %

Shares of NYSE NTB traded down $0.14 during mid-day trading on Thursday, hitting $37.87. 126,446 shares of the stock were exchanged, compared to its average volume of 198,918. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.66 and a current ratio of 0.66. Bank of N.T. Butterfield & Son has a twelve month low of $27.20 and a twelve month high of $40.55. The stock’s fifty day simple moving average is $37.34 and its two-hundred day simple moving average is $36.25.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Bank of N.T. Butterfield & Son had a net margin of 25.93% and a return on equity of 21.14%. The firm had revenue of $142.70 million during the quarter, compared to analysts’ expectations of $142.07 million. During the same quarter last year, the company posted $1.16 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.65%. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.20%.

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

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

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.