Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $37.00 price target on the bank’s stock.

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. “

Bank of N.T. Butterfield & Son Limited (NTB) opened at 31.76 on Tuesday. Bank of N.T. Butterfield & Son Limited has a 12 month low of $23.75 and a 12 month high of $35.68. The firm’s 50-day moving average is $33.46 and its 200 day moving average is $33.32. The stock has a market capitalization of $1.73 billion and a P/E ratio of 20.72.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) last released its earnings results on Tuesday, July 25th. The bank reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. Bank of N.T. Butterfield & Son Limited (The) had a net margin of 19.54% and a return on equity of 17.93%. The firm had revenue of $110.16 million during the quarter, compared to analyst estimates of $109.32 million. On average, equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post $2.76 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which was paid on Monday, August 28th. Shareholders of record on Monday, August 14th were paid a dividend of $0.32 per share. The ex-dividend date was Thursday, August 10th. This represents a $1.28 annualized dividend and a yield of 4.03%. Bank of N.T. Butterfield & Son Limited (The)’s payout ratio is 84.21%.

Hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. increased its stake in Bank of N.T. Butterfield & Son Limited (The) by 376.6% during the second quarter. Ameritas Investment Partners Inc. now owns 4,723 shares of the bank’s stock valued at $161,000 after purchasing an additional 3,732 shares during the last quarter. Quantbot Technologies LP bought a new stake in Bank of N.T. Butterfield & Son Limited (The) during the first quarter valued at $161,000. BNP Paribas Arbitrage SA increased its stake in Bank of N.T. Butterfield & Son Limited (The) by 7,428.9% during the second quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the bank’s stock valued at $195,000 after purchasing an additional 5,646 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in Bank of N.T. Butterfield & Son Limited (The) during the first quarter valued at $190,000. Finally, Amalgamated Bank bought a new stake in Bank of N.T. Butterfield & Son Limited (The) during the second quarter valued at $242,000. Hedge funds and other institutional investors own 71.25% 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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Analyst Recommendations for Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

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