Bank of N.T. Butterfield & Son (NYSE:NTB) Earns Outperform Rating from Raymond James

Raymond James reaffirmed their outperform rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $36.00 target price on the bank’s stock, up from their prior target price of $32.00.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group increased their target price on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, January 11th. Piper Sandler reissued an overweight rating and issued a $38.00 target price (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Finally, Keefe, Bruyette & Woods reduced their price objective on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $35.80.

Bank of N.T. Butterfield & Son Stock Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $34.10 on Thursday. Bank of N.T. Butterfield & Son has a one year low of $22.93 and a one year high of $34.34. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 7.67 and a beta of 1.29. The business has a 50-day simple moving average of $30.78 and a 200 day simple moving average of $29.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.63.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Wednesday, April 24th. The bank reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to analyst estimates of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. Bank of N.T. Butterfield & Son’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 earnings per share. On average, research analysts anticipate that Bank of N.T. Butterfield & Son will post 4.12 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.55%.

Institutional Trading of Bank of N.T. Butterfield & Son

Hedge funds have recently bought and sold shares of the stock. TFO Wealth Partners LLC grew its holdings in Bank of N.T. Butterfield & Son by 18,890.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock valued at $61,000 after purchasing an additional 1,889 shares during the last quarter. Meritage Portfolio Management grew its holdings in Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock valued at $220,000 after purchasing an additional 425 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Bank of N.T. Butterfield & Son by 304.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock valued at $234,000 after purchasing an additional 6,500 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $268,000. Finally, Quadrature Capital Ltd bought a new position in Bank of N.T. Butterfield & Son during the 4th quarter valued at about $276,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.