Bank of N.T. Butterfield & Son (NYSE:NTB) Posts Earnings Results

Bank of N.T. Butterfield & Son (NYSE:NTB) issued its quarterly earnings data on Monday. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.07, FiscalAI reports. The firm had revenue of $159.00 million during the quarter, compared to analysts’ expectations of $156.94 million. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock traded down $0.41 on Monday, hitting $60.58. The stock had a trading volume of 111,101 shares, compared to its average volume of 176,838. The business has a 50 day moving average of $58.77 and a 200 day moving average of $54.88. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 10.48 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 12-month low of $40.59 and a 12-month high of $62.46.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were paid a $0.50 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 34.60%.

Insider Transactions at Bank of N.T. Butterfield & Son

In other news, Director Mark T. Lynch purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the acquisition, the director owned 234,794 shares in the company, valued at $13,263,513.06. This trade represents a 4.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael W. Collins sold 20,621 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the sale, the chief executive officer directly owned 60,622 shares of the company’s stock, valued at $3,562,754.94. The trade was a 25.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 60,621 shares of company stock worth $3,557,496 over the last three months. 1.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its position in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after acquiring an additional 523 shares during the last quarter. PNC Financial Services Group Inc. grew its stake 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 purchasing an additional 1,045 shares during the period. CIBC Private Wealth Group LLC bought a new position in Bank of N.T. Butterfield & Son in the 3rd quarter valued at $56,000. Los Angeles Capital Management LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at $67,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at $114,000. 62.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on NTB. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Wells Fargo & Company boosted their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. Finally, Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.50.

About Bank of N.T. Butterfield & Son

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.