State Street Corp Sells Shares in The Bank of N.T. Butterfield & Son Limited

State Street Corp has reduced its investment in The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) by 1.2% during the third quarter, as reported in its latest Form 13F filing with the SEC. After selling 9,804 shares during this period, State Street now owns a total of 815,775 shares of the bank. The value of these holdings amounts to approximately $30,086,000 based on the latest filing.

Other institutional investors and hedge funds have also been adjusting their positions in the bank recently. For instance, Bank of New York Mellon Corp increased its stake in The Bank of N.T. Butterfield & Son by 2.9% in the second quarter, acquiring an additional 4,881 shares, which brings their total to 173,041 shares valued at about $5,883,000. Principal Financial Group Inc. raised its position significantly by 14.1%, now holding 28,946 shares worth $1,017,000 after purchasing another 3,574 shares. Additionally, Commonwealth Equity Services LLC entered a new investment worth around $855,000 during the same quarter.

Victory Capital Management Inc. has also shown significant activity, increasing its holdings by 45.6%, to 381,876 shares valued at $13,411,000 after acquiring 119,572 additional shares. Hahn Capital Management LLC also boosted its stake by 20.2%, obtaining 89,826 shares now worth around $3,155,000 after adding 15,075 shares. Collectively, institutional investors and hedge funds own approximately 62.73% of the company's stock.

Current Trading Status of NTB

The shares of The Bank of N.T. Butterfield & Son opened at $36.51 on the latest trading day. The stock has experienced a low of $28.73 and a high of $40.55 within the past year. Its 50-day moving average stands at $37.68 while the 200-day average is $36.79. The market capitalization of the bank is currently $1.83 billion, with a price-to-earnings (P/E) ratio of 8.13 and a beta value of 1.17. Key financial ratios include a current ratio and a quick ratio both at 0.66, with a moderate debt-to-equity ratio of 0.09.

The Bank of N.T. Butterfield & Son recently released its earnings report for the third quarter, announcing an earnings per share (EPS) of $1.16, which exceeded the consensus estimate of $1.10 by $0.06. The company's return on equity stood at an impressive 21.14%, coupled with a net margin of 25.93%. The reported revenue for the quarter was $142.70 million, slightly above analysts' expectations of $142.07 million. This also marks a year-over-year revenue growth of 0.7%, maintaining the same EPS as the prior year. Analysts forecast an EPS of 4.52 for the current fiscal year for the bank.

Dividend Announcement

The Bank of N.T. Butterfield & Son has announced a quarterly dividend, which was paid on November 19th, with shareholders of record as of November 5th receiving a dividend of $0.44 per share. This dividend translates to an annualized yield of 4.82%, with a total annual payout of $1.76. The current payout ratio stands at 39.20%.

Analyst Ratings and Market Outlook

In other news, Keefe, Bruyette & Woods recently downgraded the stock from an "outperform" to a "market perform" rating, lowering its target price from $44.00 to $41.00 in their report published on October 2nd. Presently, one analyst has issued a hold rating for the stock, while four have given it a buy rating. According to MarketBeat, The Bank of N.T. Butterfield & Son has a consensus rating of "Moderate Buy" and a target price of $39.60.

Overview of The Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited offers a variety of banking services, including community, commercial, and private banking tailored for individuals as well as small to medium-sized businesses. The bank provides retail and corporate checking accounts, savings accounts, term deposits, and both interest-bearing and non-interest-bearing deposits. Its lending portfolio comprises services such as residential mortgages, automobile loans, consumer financing, credit card services, and commercial lending options.

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