Bank of N.T. Butterfield & Son (NYSE:NTB) Issues Earnings Results

Bank of N.T. Butterfield & Son (NYSE:NTB) posted its earnings results on Monday. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08, Zacks reports. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB traded up $0.23 during mid-day trading on Monday, reaching $53.31. The stock had a trading volume of 112,424 shares, compared to its average volume of 156,280. Bank of N.T. Butterfield & Son has a 12 month low of $34.85 and a 12 month high of $53.85. The stock has a 50-day simple moving average of $50.55 and a two-hundred day simple moving average of $46.59.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Invesco Ltd. grew its holdings in shares of Bank of N.T. Butterfield & Son by 5.3% in the third quarter. Invesco Ltd. now owns 965,753 shares of the bank’s stock worth $41,450,000 after purchasing an additional 48,368 shares during the last quarter. Millennium Management LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 119.4% in the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after purchasing an additional 215,397 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Bank of N.T. Butterfield & Son by 93.1% during the third quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank’s stock valued at $13,401,000 after buying an additional 150,518 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Bank of N.T. Butterfield & Son by 34.5% during the second quarter. AQR Capital Management LLC now owns 208,712 shares of the bank’s stock valued at $9,242,000 after buying an additional 53,513 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 121.4% during the 2nd quarter. Federated Hermes Inc. now owns 137,993 shares of the bank’s stock valued at $6,110,000 after buying an additional 75,668 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Wall Street Analyst Weigh In

NTB has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.67.

Bank of N.T. Butterfield & Son declared that its board has approved a share buyback plan on Monday, December 8th that authorizes the company to repurchase $140.00 million in shares. This repurchase authorization authorizes the bank to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.