Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Price Target Raised at Wells Fargo & Company

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price objective raised by equities research analysts at Wells Fargo & Company from $61.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 11.15% from the company’s previous close.

Several other equities research analysts also recently weighed in on NTB. Keefe, Bruyette & Woods increased their price objective on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Bank of N.T. Butterfield & Son Trading Up 0.1%

Shares of NYSE NTB traded up $0.05 during mid-day trading on Wednesday, reaching $58.48. The company had a trading volume of 10,146 shares, compared to its average volume of 176,571. The firm has a 50 day simple moving average of $60.39 and a two-hundred day simple moving average of $57.84. The stock has a market cap of $2.45 billion, a P/E ratio of 10.28 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 52-week low of $40.59 and a 52-week high of $64.17.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. The firm 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 analysts expect that Bank of N.T. Butterfield & Son will post 6.25 EPS for the current year.

Insider Activity

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $62.98, for a total transaction of $4,723,500.00. Following the transaction, the chief executive officer owned 132,037 shares in the company, valued at approximately $8,315,690.26. The trade was a 36.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 295,808 shares of company stock valued at $18,154,010 over the last ninety days. 1.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new stake in Bank of N.T. Butterfield & Son in the second quarter valued at $156,000. Allworth Financial LP grew its stake in shares of Bank of N.T. Butterfield & Son by 72.9% during the 2nd quarter. Allworth Financial LP now owns 1,345 shares of the bank’s stock worth $80,000 after purchasing an additional 567 shares during the period. Corient Private Wealth LP purchased a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at about $273,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at about $1,374,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter valued at about $424,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited is a full-service bank headquartered in Bermuda and listed on the New York Stock Exchange under the symbol NTB. Founded in 1858, the bank serves individuals, businesses, institutions and governments through a range of banking and financial services.

Butterfield’s principal services include personal and commercial banking, residential and commercial lending, deposits, credit and debit cards, foreign exchange and treasury services. Through its wealth management operations, the company also provides investment management, trust and estate administration, custody and related fiduciary services.

The bank operates primarily in Bermuda, the Cayman Islands, the Channel Islands and the United Kingdom.