Pinnacle Associates Ltd. boosted its holdings in shares of Bank of N.T. Butterfield & Son Ltd (NYSE:NTB) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,148 shares of the bank’s stock after buying an additional 3,350 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.16% of Bank of N.T. Butterfield & Son worth $2,994,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Advisors Inc. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 154.1% during the second quarter. Cornerstone Advisors Inc. now owns 780 shares of the bank’s stock worth $26,000 after acquiring an additional 473 shares during the period. Nisa Investment Advisors LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the first quarter worth approximately $95,000. Grandview Asset Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the first quarter worth approximately $202,000. First Interstate Bank boosted its holdings in shares of Bank of N.T. Butterfield & Son by 11.2% during the first quarter. First Interstate Bank now owns 6,725 shares of the bank’s stock worth $241,000 after acquiring an additional 675 shares during the period. Finally, First Hawaiian Bank boosted its holdings in shares of Bank of N.T. Butterfield & Son by 47.9% during the second quarter. First Hawaiian Bank now owns 8,860 shares of the bank’s stock worth $301,000 after acquiring an additional 2,870 shares during the period. 71.80% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NTB stock traded up $0.20 during trading on Thursday, hitting $27.75. The company had a trading volume of 2,257 shares, compared to its average volume of 284,857. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $1.50 billion, a P/E ratio of 7.86, a price-to-earnings-growth ratio of 1.20 and a beta of 1.79. The stock’s 50-day moving average price is $31.02 and its 200 day moving average price is $35.40. Bank of N.T. Butterfield & Son Ltd has a one year low of $26.08 and a one year high of $53.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.03. The business had revenue of $129.40 million during the quarter, compared to analysts’ expectations of $133.65 million. Bank of N.T. Butterfield & Son had a return on equity of 22.69% and a net margin of 34.60%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 earnings per share. On average, research analysts anticipate that Bank of N.T. Butterfield & Son Ltd will post 3.8 earnings per share for the current fiscal year.

The business also recently declared a dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 2nd.

A number of brokerages have recently issued reports on NTB. Zacks Investment Research cut Bank of N.T. Butterfield & Son from a “hold” rating to a “sell” rating in a report on Thursday, July 4th. Keefe, Bruyette & Woods cut Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $41.00 in a report on Sunday, July 7th. Wells Fargo & Co cut Bank of N.T. Butterfield & Son from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $44.00 to $38.00 in a report on Monday, July 1st. ValuEngine cut Bank of N.T. Butterfield & Son from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 17th. Finally, Citigroup set a $48.00 price target on Bank of N.T. Butterfield & Son and gave the company a “buy” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $44.20.

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 non-interest bearing deposits, as well as certificates of deposit. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

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Institutional Ownership by Quarter for Bank of N.T. Butterfield & Son (NYSE:NTB)

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