Bank of N.T. Butterfield & Son’s (NTB) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a report issued on Thursday, Benzinga reports. They currently have a $38.00 target price on the bank’s stock, up from their previous target price of $34.00.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group upped their price objective on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a buy rating in a research report on Thursday, January 11th. Keefe, Bruyette & Woods decreased their price objective on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an outperform rating for the company in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of Moderate Buy and an average target price of $35.80.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $34.10 on Thursday. Bank of N.T. Butterfield & Son has a one year low of $22.93 and a one year high of $34.34. The stock has a 50-day moving average of $30.78 and a 200 day moving average of $29.80. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 7.67 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.66.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million for the quarter, compared to analysts’ expectations of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.24 EPS. On average, sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is 39.55%.

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

Several institutional investors have recently bought and sold shares of NTB. TFO Wealth Partners LLC boosted its stake in Bank of N.T. Butterfield & Son by 18,890.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after buying an additional 1,889 shares during the last quarter. Meritage Portfolio Management increased its holdings in Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after purchasing an additional 425 shares during the period. Nisa Investment Advisors LLC increased its holdings in Bank of N.T. Butterfield & Son by 304.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock worth $234,000 after purchasing an additional 6,500 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at about $268,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Bank of N.T. Butterfield & Son in the 4th quarter valued at about $276,000. 62.73% of the stock is 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.