The Bank of N.T. Butterfield & Son Limited
In the published model solve dated 2026-Q2, anchored at $61.88, The Bank of N.T. Butterfield & Son Limited (NTB) is priced for 16.2% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 29, 2026 from SEC EDGAR filings.
• Butterfield is the dominant bank in Bermuda and the Channel Islands, and that franchise shows up in the numbers: a return on common equity of 22.1% in Q1 2026 and a core efficiency ratio of 56.4%, both elite for a bank [Source: Q1 2026 earnings release]. • The chief risk is rate-driven: net interest margin of 2.75% rests on a low-cost deposit base while central banks cut rates, so the tailwind that lifted earnings can reverse and compress the very margin the premium-to-book price is paying for
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233 institutional managers reported holding NTB in 13F filings for the quarter ended 2026-03-31. Together they hold about 71% of the company; the top 10 hold 38%. 31 opened new positions that quarter. Held by FMR (Fidelity), BlackRock, Dimensional Fund Advisors, among others. On the short side, 599k shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (2.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend, and has paid one every year in our records (12 and counting); the current rate is $1.88 a share annually. Cash returned over the past three years: $243.49M in dividends and $390.58M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NTB over the trailing three years: 2026: 1 buy totaling $565k. 1 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 29, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.