Bank of N.T. Butterfield & Son (NYSE:NTB) Upgraded at Zacks Research

Zacks Research upgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently commented on NTB. Keefe, Bruyette & Woods lifted their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.00.

Bank of N.T. Butterfield & Son Stock Up 0.5%

Shares of NYSE NTB opened at $52.80 on Wednesday. The firm has a market cap of $2.21 billion, a P/E ratio of 9.64 and a beta of 0.57. Bank of N.T. Butterfield & Son has a twelve month low of $34.85 and a twelve month high of $55.84. The company has a 50 day moving average of $51.04 and a 200 day moving average of $46.86.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.The business had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. During the same quarter last year, the company earned $1.34 EPS. As a group, equities analysts expect that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son declared that its Board of Directors has authorized a stock buyback program on Monday, December 8th that allows the company to repurchase $140.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Bank of N.T. Butterfield & Son Announces Dividend

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

Institutional Trading of Bank of N.T. Butterfield & Son

Several large investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc raised its position in Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock worth $26,000 after acquiring an additional 455 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in the 2nd 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 raised its holdings in Bank of N.T. Butterfield & Son by 234.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock worth $42,000 after purchasing an additional 672 shares during the period. PNC Financial Services Group Inc. lifted its position in Bank of N.T. Butterfield & Son by 3,371.0% during 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 bought a new stake in Bank of N.T. Butterfield & Son during the third quarter valued at about $56,000. 62.73% of the stock is currently owned by institutional investors.

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.