Share Repurchase Plan Initiated by Bank of N.T. Butterfield & Son (NYSE:NTB) Board of Directors

Bank of N.T. Butterfield & Son (NYSE:NTB) announced that its Board of Directors has authorized a share repurchase program on Monday, February 9th, RTT News reports. The company plans to buyback $3.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

NTB has been the subject of several analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of “Hold” and a consensus price target of $50.67.

Bank of N.T. Butterfield & Son Trading Down 0.8%

Shares of NYSE NTB traded down $0.44 during trading hours on Tuesday, hitting $52.96. The stock had a trading volume of 184,425 shares, compared to its average volume of 137,542. The firm’s 50-day moving average price is $50.78 and its two-hundred day moving average price is $46.72. Bank of N.T. Butterfield & Son has a 52 week low of $34.85 and a 52 week high of $54.91.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, beating the consensus estimate of $1.46 by $0.08. The company had revenue of $158.90 million for the quarter, compared to the consensus estimate of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 22.04% and a net margin of 28.27%.During the same quarter last year, the company posted $1.34 earnings per share. On average, research analysts predict 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 37.88%.

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.