Bank of N.T. Butterfield & Son (NYSE:NTB) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other equities analysts have also recently weighed in on NTB. Keefe, Bruyette & Woods raised their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday. Wells Fargo & Company increased their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Stock Down 1.3%

Shares of NTB opened at $52.55 on Wednesday. Bank of N.T. Butterfield & Son has a twelve month low of $34.85 and a twelve month high of $55.84. The company has a 50 day moving average of $50.96 and a 200-day moving average of $46.80.

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 business had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. During the same quarter in the prior year, the company posted $1.34 earnings per share. On average, sell-side analysts predict that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

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

Bank of N.T. Butterfield & Son declared that its board has authorized a share repurchase program on Monday, December 8th that allows the company to buyback $140.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTB. Assenagon Asset Management S.A. grew its holdings in Bank of N.T. Butterfield & Son by 420.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 255,544 shares of the bank’s stock valued at $10,968,000 after buying an additional 206,464 shares in the last quarter. Y Intercept Hong Kong Ltd increased its position in Bank of N.T. Butterfield & Son by 152.2% during the second quarter. Y Intercept Hong Kong Ltd now owns 13,920 shares of the bank’s stock worth $616,000 after acquiring an additional 8,400 shares during the period. JCSD Capital LLC acquired a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter worth about $3,489,000. Campbell & CO Investment Adviser LLC bought a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at about $1,393,000. Finally, Federated Hermes Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 33.2% during the 3rd quarter. Federated Hermes Inc. now owns 183,768 shares of the bank’s stock worth $7,887,000 after purchasing an additional 45,775 shares in the last quarter. 62.73% of the stock is owned by institutional investors.

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.