Zacks Investment Research lowered shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a sell rating in a report issued on Thursday morning.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

Several other research analysts also recently commented on the company. Raymond James decreased their price objective on Bank of N.T. Butterfield & Son from $56.00 to $49.00 and set an outperform rating on the stock in a report on Monday, November 5th. Wells Fargo & Co reiterated a buy rating and issued a $45.00 price objective on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 24th. Finally, TheStreet upgraded Bank of N.T. Butterfield & Son from a c rating to a b- rating in a report on Monday, September 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $50.50.

NYSE NTB traded down $0.23 during trading hours on Thursday, reaching $41.31. 173,736 shares of the stock traded hands, compared to its average volume of 654,662. Bank of N.T. Butterfield & Son has a 1 year low of $35.65 and a 1 year high of $53.63. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.96 and a beta of 1.60.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings results on Wednesday, October 24th. The bank reported $0.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.05). The firm had revenue of $129.55 million for the quarter, compared to analysts’ expectations of $132.36 million. Bank of N.T. Butterfield & Son had a net margin of 35.65% and a return on equity of 22.33%. On average, equities analysts expect that Bank of N.T. Butterfield & Son will post 3.53 earnings per share for the current fiscal year.

The business also recently disclosed a dividend, which will be paid on Friday, November 16th. Stockholders of record on Monday, November 5th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 2nd. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 24.48%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NTB. Manning & Napier Group LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth about $31,164,000. Millennium Management LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 238.4% in the second quarter. Millennium Management LLC now owns 711,794 shares of the bank’s stock worth $32,543,000 after purchasing an additional 501,431 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Bank of N.T. Butterfield & Son by 241.7% in the second quarter. American Century Companies Inc. now owns 349,104 shares of the bank’s stock worth $15,961,000 after purchasing an additional 246,941 shares during the last quarter. BlackRock Inc. grew its stake in shares of Bank of N.T. Butterfield & Son by 7.4% in the second quarter. BlackRock Inc. now owns 2,540,108 shares of the bank’s stock worth $116,134,000 after purchasing an additional 174,380 shares during the last quarter. Finally, Grandeur Peak Global Advisors LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 38.5% in the second quarter. Grandeur Peak Global Advisors LLC now owns 612,551 shares of the bank’s stock worth $28,006,000 after purchasing an additional 170,425 shares during the last quarter. Hedge funds and other institutional investors own 74.11% of the company’s stock.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and non-interest bearing deposits, as well as certificates of deposits. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

Further Reading: Initial Public Offering (IPO)

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Analyst Recommendations for Bank of N.T. Butterfield & Son (NYSE:NTB)

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