Millennium Management LLC Trims Stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)

Millennium Management LLC cut its position in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB - Free Report) by 66.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,223 shares of the bank's stock after selling 199,736 shares during the period. Millennium Management LLC owned 0.20% of Bank of N.T. Butterfield & Son worth $3,555,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the first quarter worth approximately $44,000. Meeder Asset Management Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son during the second quarter worth approximately $56,000. Blue Trust Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son during the second quarter worth approximately $138,000. CWM LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 1,001.0% during the second quarter. CWM LLC now owns 4,327 shares of the bank's stock worth $152,000 after purchasing an additional 3,934 shares in the last quarter. Finally, EMC Capital Management lifted its position in shares of Bank of N.T. Butterfield & Son by 23.8% during the first quarter. EMC Capital Management now owns 5,688 shares of the bank's stock worth $182,000 after purchasing an additional 1,092 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Trading Up 1.0 %

Shares of NTB traded up $0.36 on Monday, reaching $37.70. 140,183 shares of the company's stock were exchanged, compared to its average volume of 199,667. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.89 billion, a P/E ratio of 8.47 and a beta of 1.18. The business has a 50 day moving average price of $36.79 and a two-hundred day moving average price of $35.32. The Bank of N.T. Butterfield & Son Limited has a 12 month low of $24.62 and a 12 month high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its quarterly earnings results on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.04. Bank of N.T. Butterfield & Son had a net margin of 25.97% and a return on equity of 22.32%. The business had revenue of $143.10 million during the quarter, compared to the consensus estimate of $139.75 million. During the same period in the previous year, the firm posted $1.14 earnings per share. Bank of N.T. Butterfield & Son's revenue for the quarter was up .4% compared to the same quarter last year. Research analysts anticipate that The Bank of N.T. Butterfield & Son Limited will post 4.45 earnings per share for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend was Monday, August 5th. Bank of N.T. Butterfield & Son's payout ratio is presently 39.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NTB. Keefe, Bruyette & Woods lowered shares of Bank of N.T. Butterfield & Son from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $44.00 to $41.00 in a research report on Wednesday, October 2nd. The Goldman Sachs Group upped their target price on shares of Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, July 11th. Finally, Wells Fargo & Company boosted their price target 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 note on Friday, July 26th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.60.

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.