Bank of N.T. Butterfield & Son (NYSE:NTB) Issues Earnings Results, Beats Expectations By $0.07 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) announced its quarterly earnings data on Monday. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.51 by $0.07, FiscalAI reports. The business had revenue of $159.00 million for the quarter, compared to analyst estimates of $156.94 million. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%.

Bank of N.T. Butterfield & Son Stock Performance

NYSE NTB traded down $0.41 during trading on Monday, hitting $60.58. 111,101 shares of the company’s stock traded hands, compared to its average volume of 176,838. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 10.48 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 12-month low of $40.59 and a 12-month high of $62.46. The business has a 50 day moving average of $58.77 and a 200-day moving average of $54.88.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $2.00 annualized dividend and a yield of 3.3%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 34.60%.

Insider Activity

In other news, CEO Michael W. Collins sold 20,621 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the sale, the chief executive officer owned 60,622 shares of the company’s stock, valued at $3,562,754.94. The trade was a 25.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark T. Lynch purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the purchase, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. This represents a 4.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 60,621 shares of company stock valued at $3,557,496 in the last quarter. Corporate insiders own 1.19% of the company’s stock.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after acquiring an additional 523 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the third quarter valued at $56,000. Los Angeles Capital Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at $67,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at $114,000. Institutional investors own 62.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NTB shares. Wells Fargo & Company increased their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Finally, Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.50.

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.