The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Given Average Recommendation of “Buy” by Brokerages

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) has been given an average rating of “Buy” by the five analysts that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $39.40.

Several research firms have recently commented on NTB. Piper Sandler reiterated an “overweight” rating and set a $38.00 price objective (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. Raymond James restated an “outperform” rating and issued a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. Wells Fargo & Company raised their price target on shares of Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, The Goldman Sachs Group upped their price objective on shares of Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 11th.

Bank of N.T. Butterfield & Son Stock Performance

NYSE:NTB remained flat at $34.87 during trading hours on Friday. 300,582 shares of the company were exchanged, compared to its average volume of 213,576. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.75 billion, a P/E ratio of 7.82 and a beta of 1.20. The firm has a 50 day simple moving average of $35.60 and a 200 day simple moving average of $33.09. Bank of N.T. Butterfield & Son has a 52 week low of $24.62 and a 52 week high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The firm had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $139.75 million. During the same quarter last year, the firm earned $1.14 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, analysts predict that Bank of N.T. Butterfield & Son will post 4.55 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Monday, August 5th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 39.55%.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Large investors have recently added to or reduced their stakes in the stock. Denali Advisors LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 6.7% in the second quarter. Denali Advisors LLC now owns 146,415 shares of the bank’s stock valued at $5,142,000 after acquiring an additional 9,149 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Bank of N.T. Butterfield & Son by 3.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,600,864 shares of the bank’s stock valued at $56,221,000 after acquiring an additional 51,875 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Bank of N.T. Butterfield & Son by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 72,145 shares of the bank’s stock valued at $2,534,000 after acquiring an additional 2,420 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Bank of N.T. Butterfield & Son in the 2nd quarter worth approximately $56,000. Finally, American Century Companies Inc. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 31.7% during the 2nd quarter. American Century Companies Inc. now owns 876,472 shares of the bank’s stock worth $30,782,000 after purchasing an additional 211,147 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.