The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Receives $33.50 Consensus Target Price from Analysts

Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) have received an average recommendation of “Buy” from the five research firms that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $35.80.

NTB has been the topic of several recent analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Piper Sandler restated an “overweight” rating and issued a $38.00 target price (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Keefe, Bruyette & Woods dropped their target price on shares of Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group raised their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, January 11th.

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

Several hedge funds have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. lifted its holdings in Bank of N.T. Butterfield & Son by 66.7% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after buying an additional 266,450 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Bank of N.T. Butterfield & Son by 46.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 156,733 shares of the bank’s stock worth $4,244,000 after purchasing an additional 49,913 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Bank of N.T. Butterfield & Son by 7.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 343,854 shares of the bank’s stock worth $9,312,000 after purchasing an additional 22,495 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Bank of N.T. Butterfield & Son by 11.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock worth $47,843,000 after purchasing an additional 182,265 shares during the period. Finally, Invesco Ltd. increased its holdings in Bank of N.T. Butterfield & Son by 0.4% in the third quarter. Invesco Ltd. now owns 808,823 shares of the bank’s stock valued at $21,903,000 after purchasing an additional 2,889 shares during the last quarter. Institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Price Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $34.06 on Thursday. Bank of N.T. Butterfield & Son has a twelve month low of $22.93 and a twelve month high of $34.56. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.66. The firm has a market cap of $1.71 billion, a P/E ratio of 7.65 and a beta of 1.29. The firm’s 50-day simple moving average is $30.86 and its 200-day simple moving average is $29.87.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The company had revenue of $142.80 million for the quarter, compared to the consensus estimate of $137.28 million. During the same period in the previous year, the business earned $1.24 earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, research analysts expect that Bank of N.T. Butterfield & Son will post 4.22 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 5.17%. The ex-dividend date is Monday, May 6th. Bank of N.T. Butterfield & Son’s dividend payout ratio is 39.55%.

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.