Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price objective hoisted by Wells Fargo & Company from $61.00 to $65.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 11.15% from the company’s previous close.

Several other equities research analysts have also commented on NTB. Weiss Ratings reiterated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. Keefe, Bruyette & Woods raised their target price on shares of Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

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

NYSE NTB traded up $0.05 during mid-day trading on Wednesday, hitting $58.48. The stock had a trading volume of 10,146 shares, compared to its average volume of 176,571. The company has a 50 day simple moving average of $60.39 and a 200 day simple moving average of $57.84. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 10.28 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 52-week low of $40.59 and a 52-week high of $64.17.

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

Insider Buying and Selling

In other news, insider Tara Hidalgo sold 18,587 shares of Bank of N.T. Butterfield & Son stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $61.27, for a total value of $1,138,825.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Burns sold 18,566 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $61.27, for a total value of $1,137,538.82. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 295,808 shares of company stock worth $18,154,010 in the last three months. 1.19% of the stock is currently owned by insiders.

Institutional Trading of Bank of N.T. Butterfield & Son

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of Bank of N.T. Butterfield & Son by 72.9% during the 2nd quarter. Allworth Financial LP now owns 1,345 shares of the bank’s stock worth $80,000 after acquiring an additional 567 shares during the period. EverSource Wealth Advisors LLC increased its position in Bank of N.T. Butterfield & Son by 108.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,346 shares of the bank’s stock worth $67,000 after purchasing an additional 701 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in Bank of N.T. Butterfield & Son during the second quarter worth approximately $156,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 824.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,134 shares of the bank’s stock valued at $156,000 after purchasing an additional 2,795 shares during the last quarter. Finally, Corient Private Wealth LP purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 2nd quarter valued at $273,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited is a full-service bank headquartered in Bermuda and listed on the New York Stock Exchange under the symbol NTB. Founded in 1858, the bank serves individuals, businesses, institutions and governments through a range of banking and financial services.

Butterfield’s principal services include personal and commercial banking, residential and commercial lending, deposits, credit and debit cards, foreign exchange and treasury services. Through its wealth management operations, the company also provides investment management, trust and estate administration, custody and related fiduciary services.

The bank operates primarily in Bermuda, the Cayman Islands, the Channel Islands and the United Kingdom.