Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $57.00 at Wells Fargo & Company

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target raised by Wells Fargo & Company from $50.00 to $57.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Several other analysts have also commented on NTB. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Keefe, Bruyette & Woods lifted their target price on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son Trading Down 1.3%

NYSE NTB opened at $52.55 on Thursday. The business’s fifty day simple moving average is $50.96 and its 200-day simple moving average is $46.80. Bank of N.T. Butterfield & Son has a 52 week low of $34.85 and a 52 week high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. The firm had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. During the same period last year, the business earned $1.34 earnings per share. As a group, sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son declared that its board has approved a stock repurchase program on Monday, December 8th that permits the company to buyback $140.00 million in shares. This buyback authorization permits the bank to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio is 36.50%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Several institutional investors and hedge funds have recently modified their holdings of the company. Bell Investment Advisors Inc boosted its holdings in Bank of N.T. Butterfield & Son by 284.4% during the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after acquiring an additional 455 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after purchasing an additional 523 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Bank of N.T. Butterfield & Son by 234.1% in the third quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after purchasing an additional 672 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in Bank of N.T. Butterfield & Son during the 3rd quarter worth approximately $56,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.