Wells Fargo & Company restated their equal weight rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB – Free Report) in a research note published on Monday morning, MarketBeat reports. The firm currently has a $50.00 target price on the bank’s stock, down from their prior target price of $54.00.
Several other research firms have also recently issued reports on NTB. Keefe, Bruyette & Woods raised their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, July 11th. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.00.
Check Out Our Latest Stock Analysis on Bank of N.T. Butterfield & Son
Bank of N.T. Butterfield & Son Price Performance
Bank of N.T. Butterfield & Son (NYSE:NTB – Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $146.30 million during the quarter, compared to analysts’ expectations of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same quarter in the prior year, the company earned $1.09 EPS. On average, equities analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.
Bank of N.T. Butterfield & Son Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.7%. This is a boost from Bank of N.T. Butterfield & Son’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 40.16%.
Hedge Funds Weigh In On Bank of N.T. Butterfield & Son
A number of hedge funds have recently added to or reduced their stakes in NTB. Tower Research Capital LLC TRC lifted its position in Bank of N.T. Butterfield & Son by 397.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,703 shares of the bank’s stock valued at $297,000 after acquiring an additional 5,355 shares in the last quarter. Man Group plc lifted its holdings in shares of Bank of N.T. Butterfield & Son by 8.8% during the second quarter. Man Group plc now owns 75,394 shares of the bank’s stock valued at $3,338,000 after purchasing an additional 6,072 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Bank of N.T. Butterfield & Son by 2.8% during the second quarter. Lazard Asset Management LLC now owns 64,739 shares of the bank’s stock valued at $2,866,000 after purchasing an additional 1,750 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Bank of N.T. Butterfield & Son by 48.4% during the second quarter. BNP Paribas Financial Markets now owns 33,065 shares of the bank’s stock valued at $1,464,000 after buying an additional 10,780 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in Bank of N.T. Butterfield & Son by 1.2% in the 2nd quarter. Bridgeway Capital Management LLC now owns 268,419 shares of the bank’s stock worth $11,886,000 after buying an additional 3,158 shares in the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.
About Bank of N.T. Butterfield & Son
The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.
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