Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 1-Year High on Analyst Upgrade

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)’s stock price reached a new 52-week high during trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $52.00 to $58.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Bank of N.T. Butterfield & Son traded as high as $55.84 and last traded at $53.1460, with a volume of 153028 shares trading hands. The stock had previously closed at $52.78.

Several other brokerages also recently commented on NTB. Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of “Hold” and an average target price of $52.67.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bell Investment Advisors Inc raised its position in shares of Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after buying an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after acquiring an additional 523 shares during the period. Jones Financial Companies Lllp increased its stake in Bank of N.T. Butterfield & Son by 234.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock worth $42,000 after acquiring an additional 672 shares during the period. PNC Financial Services Group Inc. raised its holdings in Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after acquiring an additional 1,045 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at $56,000. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Stock Performance

The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 9.68 and a beta of 0.57. The firm has a fifty day moving average price of $50.78 and a 200-day moving average price of $46.72.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.08. The business had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 22.04%. During the same quarter in the prior year, the business posted $1.34 earnings per share. On average, sell-side analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio is 36.50%.

Bank of N.T. Butterfield & Son announced that its board has initiated a stock buyback program on Monday, December 8th that permits the company to buyback $140.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Bank of N.T. Butterfield & Son Company Profile

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.