Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High on Analyst Upgrade

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)’s share price hit a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $50.00 to $57.00. Wells Fargo & Company currently has an equal weight rating on the stock. Bank of N.T. Butterfield & Son traded as high as $55.84 and last traded at $53.1460, with a volume of 153028 shares traded. The stock had previously closed at $52.78.

NTB has been the subject of several other reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NTB. Bell Investment Advisors Inc boosted its holdings in Bank of N.T. Butterfield & Son by 284.4% during the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after acquiring an additional 455 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after purchasing an additional 523 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Bank of N.T. Butterfield & Son by 234.1% in the third quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock worth $42,000 after purchasing an additional 672 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after buying an additional 1,045 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth $56,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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

The company’s 50-day simple moving average is $50.96 and its two-hundred day simple moving average is $46.80.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. The firm had revenue of $158.90 million for the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. During the same quarter in the previous year, the company earned $1.34 earnings per share. As a group, equities research analysts expect that Bank of N.T. Butterfield & Son Limited 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. Shareholders of record on Monday, February 23rd will be issued a $0.50 dividend. The ex-dividend date is Monday, February 23rd. This represents a $2.00 annualized dividend and a yield of 3.8%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 36.50%.

Bank of N.T. Butterfield & Son announced that its board has authorized a stock repurchase plan on Monday, December 8th that authorizes the company to repurchase $140.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.