Raymond James Reaffirms “Outperform” Rating for Bank of N.T. Butterfield & Son (NYSE:NTB)

Bank of N.T. Butterfield & Son (NYSE:NTB)‘s stock had its “outperform” rating restated by equities researchers at Raymond James in a report issued on Thursday, Benzinga reports. They presently have a $36.00 target price on the bank’s stock, up from their prior target price of $32.00. Raymond James’ target price would suggest a potential upside of 6.26% from the stock’s previous close.

NTB has been the subject of several other reports. Piper Sandler reissued an “overweight” rating and set a $38.00 price target (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. The Goldman Sachs Group increased their price target on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.80.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE:NTB traded up $0.22 on Thursday, reaching $33.88. The company’s stock had a trading volume of 157,575 shares, compared to its average volume of 211,480. The stock’s 50-day moving average is $30.72 and its two-hundred day moving average is $29.77. Bank of N.T. Butterfield & Son has a 52-week low of $22.93 and a 52-week high of $34.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market capitalization of $1.70 billion, a P/E ratio of 7.60 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, April 23rd. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 29.60% and a return on equity of 23.40%. The business had revenue of $142.80 million during the quarter, compared to analysts’ expectations of $137.28 million. During the same period in the prior year, the company earned $1.24 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NTB. Norges Bank acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth about $10,909,000. Vaughan Nelson Investment Management L.P. grew its position in Bank of N.T. Butterfield & Son by 66.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after buying an additional 266,450 shares during the period. Mendon Capital Advisors Corp acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth about $7,202,000. Adage Capital Partners GP L.L.C. grew its position in Bank of N.T. Butterfield & Son by 11.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock worth $47,843,000 after buying an additional 182,265 shares during the period. Finally, Vanguard Group Inc. grew its position in Bank of N.T. Butterfield & Son by 20.8% during the third quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock worth $21,939,000 after buying an additional 139,485 shares during the period. 62.73% of the stock is currently owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.