The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Receives Consensus Recommendation of “Buy” from Analysts

Shares of The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) have been assigned an average recommendation of “Buy” from the four research firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $33.50.

Several analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $38.00 price target (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. The Goldman Sachs Group increased their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Keefe, Bruyette & Woods lowered their price objective 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 research report on Wednesday, February 14th.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $33.66 on Thursday. The firm has a 50 day simple moving average of $30.72 and a 200-day simple moving average of $29.77. Bank of N.T. Butterfield & Son has a 1-year low of $22.93 and a 1-year high of $33.80. 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 cap of $1.69 billion, a price-to-earnings ratio of 7.56 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the company posted $1.24 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts expect that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be issued a dividend of $0.44 per share. The ex-dividend date is Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a yield of 5.23%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 39.55%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds have recently added to or reduced their stakes in NTB. Norges Bank acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $10,909,000. Vaughan Nelson Investment Management L.P. lifted its holdings in Bank of N.T. Butterfield & Son by 66.7% during the 4th 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 in the last quarter. Mendon Capital Advisors Corp acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $7,202,000. Adage Capital Partners GP L.L.C. lifted its holdings in Bank of N.T. Butterfield & Son by 11.5% during the 3rd 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 in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Bank of N.T. Butterfield & Son by 20.8% during the 3rd 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 in the last quarter. 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.