Bank of N.T. Butterfield & Son (NYSE:NTB) to Repurchase $3.00 million in Stock

Bank of N.T. Butterfield & Son (NYSE:NTB) announced that its board has initiated a stock buyback plan on Monday, February 9th, RTT News reports. The company plans to buyback $3.00 million in outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Bank of N.T. Butterfield & Son Stock Down 0.8%

NTB stock opened at $52.96 on Wednesday. The firm’s 50-day simple moving average is $50.78 and its 200 day simple moving average is $46.72. Bank of N.T. Butterfield & Son has a fifty-two week low of $34.85 and a fifty-two week high of $54.91.

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 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 22.04%. The firm had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. During the same quarter in the prior year, the firm earned $1.34 EPS. As a group, 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given 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 payout ratio is 37.88%.

Wall Street Analyst Weigh In

NTB has been the subject of a number of research reports. Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reiterated 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 assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.67.

Bank of N.T. Butterfield & Son Company Profile

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.