Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Rating Lowered by Zacks Investment Research

Bank of N.T. Butterfield & Son (NYSE:NTBGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

Several other brokerages also recently weighed in on NTB. StockNews.com assumed coverage on Bank of N.T. Butterfield & Son in a research report on Thursday, March 31st. They issued a “hold” rating for the company. The Goldman Sachs Group boosted their price objective on Bank of N.T. Butterfield & Son from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, January 11th. Raymond James boosted their price objective on Bank of N.T. Butterfield & Son from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, February 16th. Finally, Piper Sandler boosted their price objective on Bank of N.T. Butterfield & Son from $41.00 to $47.00 in a research report on Wednesday, February 16th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.80.

NYSE:NTB opened at $34.78 on Wednesday. The business has a 50 day moving average of $36.79 and a 200 day moving average of $37.70. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 10.67 and a beta of 1.70. Bank of N.T. Butterfield & Son has a 1-year low of $30.95 and a 1-year high of $41.69. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.63 and a quick ratio of 0.63.

Bank of N.T. Butterfield & Son (NYSE:NTBGet Rating) last released its earnings results on Sunday, February 13th. The bank reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.03. Bank of N.T. Butterfield & Son had a return on equity of 17.03% and a net margin of 31.56%. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $124.75 million. During the same quarter in the previous year, the company posted $0.86 EPS. Bank of N.T. Butterfield & Son’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 3.59 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Denali Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 3.3% during the first quarter. Denali Advisors LLC now owns 116,384 shares of the bank’s stock valued at $4,176,000 after buying an additional 3,700 shares during the period. First Hawaiian Bank grew its stake in Bank of N.T. Butterfield & Son by 55.0% in the first quarter. First Hawaiian Bank now owns 19,627 shares of the bank’s stock worth $704,000 after purchasing an additional 6,966 shares during the period. Norges Bank purchased a new stake in Bank of N.T. Butterfield & Son in the fourth quarter worth $18,605,000. Barclays PLC grew its stake in Bank of N.T. Butterfield & Son by 170.6% in the fourth quarter. Barclays PLC now owns 60,909 shares of the bank’s stock worth $2,321,000 after purchasing an additional 38,400 shares during the period. Finally, BlackRock Inc. grew its stake in Bank of N.T. Butterfield & Son by 0.7% in the fourth quarter. BlackRock Inc. now owns 2,560,605 shares of the bank’s stock worth $97,586,000 after purchasing an additional 17,657 shares during the period. 62.58% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Company Profile (Get Rating)

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, as well as certificate of deposits.

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