Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 52-Week High – Should You Buy?

Shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) reached a new 52-week high on Friday . The stock traded as high as $56.88 and last traded at $57.0050, with a volume of 9460 shares. The stock had previously closed at $55.98.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 11th. Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Finally, Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Bank of N.T. Butterfield & Son Price Performance

The stock has a market cap of $2.37 billion, a PE ratio of 10.33 and a beta of 0.51. The company has a 50 day moving average price of $52.54 and a two-hundred day moving average price of $49.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping the consensus estimate 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 29.00%.The company had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. During the same quarter in the previous year, the company posted $1.34 earnings per share. As a group, equities analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $2.00 annualized dividend and a dividend yield of 3.5%. Bank of N.T. Butterfield & Son’s payout ratio is presently 36.50%.

Bank of N.T. Butterfield & Son announced that its Board of Directors has approved a stock buyback program on Monday, February 9th that permits the company to repurchase $3.00 million in shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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

Several large investors have recently modified their holdings of the company. Seelaus Asset Management LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 4.1% in the fourth quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank’s stock worth $313,000 after acquiring an additional 250 shares during the period. Strs Ohio grew its holdings in shares of Bank of N.T. Butterfield & Son by 1.6% in the third quarter. Strs Ohio now owns 18,900 shares of the bank’s stock worth $811,000 after acquiring an additional 300 shares during the period. Raymond James Financial Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 5.6% in the third quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank’s stock worth $264,000 after acquiring an additional 328 shares during the period. Bell Investment Advisors Inc grew its holdings in shares of 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. Finally, Cerity Partners LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 3.2% in the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank’s stock worth $654,000 after acquiring an additional 457 shares during the period. 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.