Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High – Here’s Why

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) hit a new 52-week high during trading on Monday . The company traded as high as $64.95 and last traded at $63.61, with a volume of 172 shares trading hands. The stock had previously closed at $63.91.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NTB shares. Keefe, Bruyette & Woods boosted their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Wells Fargo & Company increased their price target on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.50.

Bank of N.T. Butterfield & Son Stock Down 0.4%

The company has a market cap of $2.67 billion, a price-to-earnings ratio of 11.18 and a beta of 0.51. The company’s fifty day moving average price is $60.46 and its two-hundred day moving average price is $56.13.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, June 30th. The bank reported $1.58 EPS for the quarter. The business had revenue of $159.00 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. On average, equities research analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, August 12th. Bank of N.T. Butterfield & Son’s payout ratio is currently 35.15%.

Insider Activity

In other Bank of N.T. Butterfield & Son news, insider Tara Hidalgo sold 18,587 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $61.27, for a total value of $1,138,825.49. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael Mcwatt sold 12,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $61.78, for a total value of $741,360.00. Following the completion of the sale, the director directly owned 22,544 shares of the company’s stock, valued at approximately $1,392,768.32. This trade represents a 34.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 140,392 shares of company stock worth $8,433,447. Company insiders own 1.19% of the company’s stock.

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

Several hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in 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 purchasing an additional 523 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of 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 worth $46,000 after purchasing an additional 1,045 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in Bank of N.T. Butterfield & Son in the third quarter worth about $56,000. Los Angeles Capital Management LLC bought a new position 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 Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $114,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.