Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High After Strong Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)’s stock price hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares. The stock had previously closed at $33.66.

The bank reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.21. The company had revenue of $142.80 million for the quarter, compared to analyst estimates of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.40% and a net margin of 29.60%. 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 firm posted $1.24 EPS.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be given a $0.44 dividend. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.76 annualized dividend and a yield of 5.21%. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 39.55%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Keefe, Bruyette & Woods dropped their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Piper Sandler restated 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 report on Thursday. Finally, The Goldman Sachs Group lifted their price target on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.40.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds and other institutional investors have recently modified their holdings of NTB. TFO Wealth Partners LLC raised its position in shares of Bank of N.T. Butterfield & Son by 18,890.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after purchasing an additional 1,889 shares during the last quarter. Meritage Portfolio Management lifted its holdings in Bank of N.T. Butterfield & Son by 5.5% in the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after purchasing an additional 425 shares in the last quarter. Nisa Investment Advisors LLC raised 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 buying an additional 6,500 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Bank of N.T. Butterfield & Son in the 3rd quarter valued at $268,000. Finally, Quadrature Capital Ltd bought a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth $276,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Stock Performance

The business has a 50-day moving average of $30.72 and a two-hundred day moving average of $29.77. The company has a market cap of $1.70 billion, a P/E ratio of 7.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63.

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.