Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) from a buy rating to a hold rating in a research note issued to investors on Thursday.

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. “

Separately, Citigroup Inc. lowered Bank of N.T. Butterfield & Son Limited (The) from a buy rating to a neutral rating and set a $37.00 price target on the stock. in a research report on Monday, September 25th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Bank of N.T. Butterfield & Son Limited (The) presently has a consensus rating of Hold and an average price target of $34.00.

Shares of Bank of N.T. Butterfield & Son Limited (NYSE NTB) opened at 36.89 on Thursday. The company has a 50-day moving average price of $34.27 and a 200 day moving average price of $33.66. Bank of N.T. Butterfield & Son Limited has a one year low of $25.02 and a one year high of $37.03. The company has a market capitalization of $2.01 billion and a PE ratio of 24.06.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.67 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.67. Bank of N.T. Butterfield & Son Limited (The) had a return on equity of 17.93% and a net margin of 19.54%. The company had revenue of $110.16 million for the quarter, compared to analyst estimates of $109.32 million. Equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post $2.77 EPS for the current year.

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A number of large investors have recently made changes to their positions in the business. FMR LLC raised its stake in Bank of N.T. Butterfield & Son Limited (The) by 25.5% during the second quarter. FMR LLC now owns 2,188,148 shares of the bank’s stock valued at $74,616,000 after buying an additional 445,000 shares during the last quarter. Southpoint Capital Advisors LP raised its stake in Bank of N.T. Butterfield & Son Limited (The) by 28.9% during the second quarter. Southpoint Capital Advisors LP now owns 1,200,000 shares of the bank’s stock valued at $40,920,000 after buying an additional 268,861 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Bank of N.T. Butterfield & Son Limited (The) by 57.3% during the second quarter. Westfield Capital Management Co. LP now owns 1,117,360 shares of the bank’s stock valued at $38,102,000 after buying an additional 407,205 shares during the last quarter. State Street Corp raised its stake in Bank of N.T. Butterfield & Son Limited (The) by 340.7% during the second quarter. State Street Corp now owns 859,224 shares of the bank’s stock valued at $29,300,000 after buying an additional 664,249 shares during the last quarter. Finally, Hilton Capital Management LLC raised its stake in Bank of N.T. Butterfield & Son Limited (The) by 2.5% during the second quarter. Hilton Capital Management LLC now owns 744,162 shares of the bank’s stock valued at $25,376,000 after buying an additional 17,880 shares during the last quarter. Institutional investors and hedge funds own 71.06% of the company’s stock.

About Bank of N.T. Butterfield & Son Limited (The)

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank’s geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services.

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