Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $58.00 at Keefe, Bruyette & Woods

Bank of N.T. Butterfield & Son (NYSE:NTB) had its target price hoisted by Keefe, Bruyette & Woods from $52.00 to $58.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of “Hold” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Trading Down 0.3%

Shares of NYSE:NTB traded down $0.14 during trading on Wednesday, hitting $53.11. 12,470 shares of the company’s stock traded hands, compared to its average volume of 156,408. The company has a 50-day moving average price of $50.88 and a 200-day moving average price of $46.76. Bank of N.T. Butterfield & Son has a 52 week low of $34.85 and a 52 week high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. The firm had revenue of $158.90 million for the quarter, compared to the consensus estimate of $153.49 million. During the same period last year, the company posted $1.34 EPS. Sell-side analysts expect that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

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

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

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

Institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC grew its position in shares of Bank of N.T. Butterfield & Son by 1.2% in the 4th quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after acquiring an additional 10,852 shares during the period. Empowered Funds LLC lifted its stake in Bank of N.T. Butterfield & Son by 10.8% in the 4th quarter. Empowered Funds LLC now owns 171,835 shares of the bank’s stock valued at $8,561,000 after purchasing an additional 16,789 shares during the last quarter. Focus Partners Advisor Solutions LLC lifted its stake in Bank of N.T. Butterfield & Son by 19.2% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 5,603 shares of the bank’s stock valued at $279,000 after purchasing an additional 904 shares during the last quarter. Cerity Partners LLC grew its holdings in Bank of N.T. Butterfield & Son by 21.8% during the fourth quarter. Cerity Partners LLC now owns 24,996 shares of the bank’s stock worth $1,245,000 after purchasing an additional 4,471 shares during the period. Finally, O Shaughnessy Asset Management LLC acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $205,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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.