Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 1-Year High – Here’s Why

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) hit a new 52-week high during trading on Wednesday . The stock traded as high as $62.54 and last traded at $62.07, with a volume of 3874 shares trading hands. The stock had previously closed at $62.11.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Wells Fargo & Company increased their price target 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 note on Monday, June 8th. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a “market perform” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Bank of N.T. Butterfield & Son Price Performance

The company has a market cap of $2.60 billion, a price-to-earnings ratio of 10.89 and a beta of 0.51. The firm has a 50-day moving average price of $59.70 and a 200 day moving average price of $55.59.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. The company had revenue of $159.00 million during the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. On average, equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.25 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 12th. Bank of N.T. Butterfield & Son’s payout ratio is 35.15%.

Insider Buying and Selling at Bank of N.T. Butterfield & Son

In related news, Director John R. Wright sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $59.50, for a total value of $297,500.00. Following the completion of the transaction, the director owned 5,102 shares of the company’s stock, valued at $303,569. The trade was a 49.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Mcwatt sold 12,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $61.78, for a total transaction of $741,360.00. Following the sale, the director owned 22,544 shares in the company, valued at $1,392,768.32. The trade was a 34.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 140,392 shares of company stock valued at $8,433,447 over the last ninety days. 1.19% of the stock is owned by corporate insiders.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in NTB. EverSource Wealth Advisors LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after buying an additional 523 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Bank of N.T. Butterfield & Son by 3,371.0% during the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after acquiring an additional 1,045 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth about $56,000. Los Angeles Capital Management LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 4th quarter valued at approximately $67,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $114,000. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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.