Keefe, Bruyette & Woods Increases Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target to $58.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price objective raised by Keefe, Bruyette & Woods from $52.00 to $58.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 10.36% from the company’s previous close.

Several other research firms also recently weighed in on NTB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB opened at $52.55 on Wednesday. The firm has a fifty day moving average price of $50.96 and a 200-day moving average price of $46.80. Bank of N.T. Butterfield & Son has a 12-month low of $34.85 and a 12-month high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. The company had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. During the same quarter last year, the business posted $1.34 EPS. On average, sell-side analysts anticipate 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 initiated a stock buyback plan on Monday, December 8th that allows the company to buyback $140.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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

Hedge funds have recently bought and sold shares of the stock. Bell Investment Advisors Inc increased its holdings in shares of Bank of N.T. Butterfield & Son by 284.4% in 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 boosted its position in 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 valued at $34,000 after purchasing an additional 523 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Bank of N.T. Butterfield & Son by 234.1% during 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 in the last quarter. PNC Financial Services Group Inc. grew its stake in 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 during the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in Bank of N.T. Butterfield & Son in the third quarter worth about $56,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.