Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 1-Year High After Strong Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares trading hands. The stock had previously closed at $33.66.

The bank reported $1.17 EPS for the quarter, beating the consensus estimate of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 29.60% and a return on equity of 23.40%. The company had revenue of $142.80 million during the quarter, compared to analysts’ expectations of $137.28 million. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is 39.55%.

Analysts Set New Price Targets

Several analysts recently commented on NTB shares. Raymond James reaffirmed an “outperform” rating and set a $36.00 price objective (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. Keefe, Bruyette & Woods lowered their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, The Goldman Sachs Group lifted their price target on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

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

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the 3rd quarter worth about $384,000. Denali Advisors LLC boosted its position in Bank of N.T. Butterfield & Son by 0.6% during the third quarter. Denali Advisors LLC now owns 149,710 shares of the bank’s stock valued at $4,054,000 after purchasing an additional 921 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Bank of N.T. Butterfield & Son in the third quarter valued at approximately $919,000. Roubaix Capital LLC bought a new position in Bank of N.T. Butterfield & Son in the third quarter valued at approximately $3,080,000. Finally, Meritage Portfolio Management increased its position in shares of Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after purchasing an additional 425 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Up 1.4 %

The company has a market cap of $1.71 billion, a P/E ratio of 7.67 and a beta of 1.29. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $30.78 and a 200-day moving average price of $29.80.

Bank of N.T. Butterfield & Son Company Profile

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.