Bank of N.T. Butterfield & Son’s (NTB) “Outperform” Rating Reaffirmed at Raymond James

Raymond James reaffirmed their outperform rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a $36.00 price objective on the bank’s stock, up from their previous price objective of $32.00.

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

Bank of N.T. Butterfield & Son Stock Down 0.1 %

Shares of NYSE:NTB opened at $34.10 on Thursday. Bank of N.T. Butterfield & Son has a 12 month low of $22.93 and a 12 month high of $34.34. The company’s 50-day moving average price is $30.78 and its two-hundred day moving average price is $29.80. The company has a quick ratio of 0.63, a current ratio of 0.66 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.71 billion, a P/E ratio of 7.67 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The firm had revenue of $142.80 million for the quarter, compared to analyst estimates of $137.28 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The company’s revenue was down 2.9% on a year-over-year basis. As a group, research analysts forecast that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

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

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

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at $10,909,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Bank of N.T. Butterfield & Son by 66.7% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after purchasing an additional 266,450 shares during the last quarter. Mendon Capital Advisors Corp acquired a new position in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at $7,202,000. Adage Capital Partners GP L.L.C. boosted its position in shares of 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 period. Finally, Vanguard Group Inc. boosted its position in shares of Bank of N.T. Butterfield & Son by 20.8% in the third quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after acquiring an additional 139,485 shares during the period. 62.73% of the stock is owned by institutional investors.

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.