Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $57.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price objective raised by Wells Fargo & Company from $50.00 to $57.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

NTB has been the topic of several other research reports. Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB opened at $52.80 on Thursday. Bank of N.T. Butterfield & Son has a 12 month low of $34.85 and a 12 month high of $55.84. The firm has a market capitalization of $2.21 billion, a P/E ratio of 9.64 and a beta of 0.57. The company’s fifty day moving average price is $51.04 and its 200 day moving average price is $46.87.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.The company had revenue of $158.90 million for the quarter, compared to analyst estimates of $153.49 million. During the same quarter last year, the company posted $1.34 earnings per share. On average, sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s payout ratio is currently 36.50%.

Bank of N.T. Butterfield & Son declared that its Board of Directors has approved a share buyback program on Monday, December 8th that permits the company to buyback $140.00 million in shares. This buyback authorization permits the bank to buy up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NTB. Kestra Advisory Services LLC purchased a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $185,000. Marshall Wace LLP acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth $844,000. Ieq Capital LLC raised its position in Bank of N.T. Butterfield & Son by 27.5% in the fourth quarter. Ieq Capital LLC now owns 74,219 shares of the bank’s stock worth $3,698,000 after acquiring an additional 16,026 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Bank of N.T. Butterfield & Son in the fourth quarter valued at $295,000. Finally, Wells Fargo & Company MN boosted its position in shares of Bank of N.T. Butterfield & Son by 37.5% during the 4th quarter. Wells Fargo & Company MN now owns 53,853 shares of the bank’s stock worth $2,683,000 after purchasing an additional 14,681 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other 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.