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

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

A number of other research analysts have also recently commented on NTB. Wells Fargo & Company upped their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods upped their price target on shares of 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, February 11th. Finally, Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Trading Down 0.2%

NYSE NTB opened at $55.83 on Monday. The company’s 50-day moving average price is $52.41 and its 200-day moving average price is $49.11. The stock has a market cap of $2.34 billion, a PE ratio of 10.19 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 12 month low of $36.78 and a 12 month high of $56.62.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly 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. The firm had revenue of $158.90 million for the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. During the same period in the prior year, the business posted $1.34 earnings per share. As a group, sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 36.50%.

Bank of N.T. Butterfield & Son declared that its board has approved a share repurchase plan on Monday, February 9th that allows the company to buyback $3.00 million in outstanding shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc increased its position 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 purchasing an additional 455 shares during the period. EverSource Wealth Advisors LLC increased its position in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after purchasing an additional 523 shares during the period. Jones Financial Companies Lllp increased its position in Bank of N.T. Butterfield & Son by 234.1% during the 3rd 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. increased its position in Bank of N.T. Butterfield & Son by 3,371.0% during the 3rd 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 during the period. Finally, CIBC Private Wealth Group LLC purchased a new position in Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $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.