Piper Sandler Reaffirms Overweight Rating for Bank of N.T. Butterfield & Son (NYSE:NTB)

Bank of N.T. Butterfield & Son (NYSE:NTB)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a note issued to investors on Thursday, Benzinga reports. They currently have a $38.00 price objective on the bank’s stock, up from their previous price objective of $34.00. Piper Sandler’s price objective indicates a potential upside of 12.89% from the company’s current price.

A number of other research analysts also recently weighed in on NTB. The Goldman Sachs Group raised their price objective on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Keefe, Bruyette & Woods cut their price objective on shares of 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and a consensus target price of $34.40.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $33.66 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.69 billion, a PE ratio of 7.56 and a beta of 1.29. Bank of N.T. Butterfield & Son has a 1 year low of $22.93 and a 1 year high of $33.80. The stock’s 50-day moving average price is $30.72 and its two-hundred day moving average price is $29.77.

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, topping analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to the consensus estimate of $137.28 million. Bank of N.T. Butterfield & Son had a net margin of 29.60% and a return on equity of 23.40%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.24 EPS. On average, analysts predict that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current year.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Several large investors have recently made changes to their positions in NTB. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Bank of N.T. Butterfield & Son by 66.7% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after buying an additional 266,450 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Bank of N.T. Butterfield & Son by 46.7% during the third quarter. Envestnet Asset Management Inc. now owns 156,733 shares of the bank’s stock worth $4,244,000 after buying an additional 49,913 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Bank of N.T. Butterfield & Son by 7.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 343,854 shares of the bank’s stock valued at $9,312,000 after purchasing an additional 22,495 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Bank of N.T. Butterfield & Son by 11.5% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock valued at $47,843,000 after acquiring an additional 182,265 shares during the last quarter. Finally, Invesco Ltd. increased its position in Bank of N.T. Butterfield & Son by 0.4% during the 3rd quarter. Invesco Ltd. now owns 808,823 shares of the bank’s stock worth $21,903,000 after purchasing an additional 2,889 shares in the last quarter. 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.