Drive Wealth Management LLC Acquires Stake in The Bank of N.T. Butterfield & Son Limited
In the first quarter, Drive Wealth Management LLC purchased a new stake in The Bank of N.T. Butterfield & Son Limited (NYSE:NTB), according to its recent filing with the US Securities and Exchange Commission. The institutional investor scooped up 7,954 shares of the bank’s stock worth about $215,000.
This came after the bank, which provides community, commercial, and private banking services to individuals and small to medium-sized businesses, last announced its quarterly earnings data on April 25th. Analysts expected an EPS of $1.16 for the quarter but were pleasantly surprised when it reported an impressive $1.24 EPS for Q1 2021.
The bank’s revenue during this period was also notable, with $147.50 million reported compared to analysts’ estimates of $145.86 million. This represents a YoY increase in quarterly revenue by 17.2%, while its net margin came in at 36.85%.
The Bank of N.T. Butterfield & Son continues to rack up impressive figures despite challenges posed by global economic conditions and regulatory requirements surrounding Covid-19 restrictions.
Its lending portfolio includes residential mortgages, automobile loans, consumer financing options, credit cards, overdraft facilities, commercial real estate lending as well as commercial and industrial loans.
With projected EPS of 4.66 forecasted for this running fiscal year by respected research analysts on the Street as of today’s date, investors may want to keep an eye on this promising company that strives continually to provide exceptional service offerings while remaining wired into ongoing technological advances in banking operations management systems that continue progressing at a breakneck speed due to ever-increasing competition and shifting preferences towards digital-only banks given advances technology is ushering across various sectors globally .
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Bank of N.T. Butterfield & Son Reports Increased Earnings and Interest from Investors
Bank of N.T. Butterfield & Son Limited, a leading provider of community, commercial, and private banking services announced its 1st quarter earnings with an increase in revenue and net income compared to the previous year. The bank, which accepts retail and corporate checking, savings and deposits including interest bearing and non-interest bearing deposits also provides residential mortgage lending automobile lending and credit card services among others. Many large investors such as Raymond James & Associates have recently made changes to their positions in the stock, acquiring new positions worth $309,000. In addition, PNC Financial Services Group has lifted its holdings resulting in their current ownership of 3,831 shares valued at $38.31 per share after purchasing an additional 793 shares in the last quarter.
Dimensional Fund Advisors LP boosted its position by 0.6% in shares of Bank of N.T. Butterfield & Son during the first quarter while Sei Investments Co grew its holdings by 1.6% in the last quarter alone amounting to a total worth of $874,000 for Sei Investments Co. Lastly, Vanguard Group Inc., raised its position in Bank of N.T. Butterfield & Son by 2.9%, owning $471,318 shares valued at $16,912,000 after buying an additional 13,288 shares during the last quarter resulting in institutional investors owning approximately two-thirds or 66.71 % of the company’s stock.
Shares were reflecting positive growth on Friday when they opened at $26.58 but this is lower than its overall market capitalization of approximately $1.34 billion with a PE ratio of only 5:73 indicating under-evaluation considering industry averages and performance indicators.
Over the past year Bank of N.T Butterfield & son’s stock price has fluctuated from highs exceeding $38 per share to lows below the low threshold set at around |$22 per share although these losses were thwarted by payment of dividends to its shareholders. The dividends represent a payout ratio of 37.93% with share holders receiving $0.44 per share amounting to an annualized dividend return of 6.62%.
Several equities analysts have rated the stock from “Moderate Buy” to “Buy” indicating positive performance potential and growth resulting in the company being listed as among traded stocks expected to perform at par or better than industry averages for the sector. Wells Fargo & Company rated Bank of N.T. Butterfield & Son as an “overweight” recommendation due its high earning capacity and positive financial statements, although analysts agree fluctuations will occur over time in line with standard market behaviors.