Bank of N.T. Butterfield & Son (NYSE:NTB) Lowered to Hold Rating by Zacks Research

Bank of N.T. Butterfield & Son (NYSE:NTB) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

NTB has been the subject of a number of other research reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $50.00 price objective (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a research report on Monday, September 29th. Keefe, Bruyette & Woods raised their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $50.67.

Bank of N.T. Butterfield & Son Price Performance

Shares of Bank of N.T. Butterfield & Son stock opened at $50.09 on Monday. Bank of N.T. Butterfield & Son has a 1 year low of $34.77 and a 1 year high of $52.11. The business has a 50 day moving average price of $47.36 and a 200 day moving average price of $45.42. The company has a market capitalization of $2.38 billion, a P/E ratio of 9.49 and a beta of 0.57.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Tuesday, October 28th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.The firm had revenue of $153.30 million for the quarter, compared to analysts’ expectations of $147.92 million. During the same quarter in the prior year, the firm earned $1.16 EPS. Bank of N.T. Butterfield & Son’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, research analysts expect that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son announced that its board has approved a stock repurchase plan on Monday, December 8th that allows the company to repurchase $140.00 million in shares. This repurchase authorization allows the bank to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rovida Advisors Inc. purchased a new stake in Bank of N.T. Butterfield & Son in the second quarter valued at approximately $79,413,000. American Century Companies Inc. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock valued at $65,140,000 after purchasing an additional 140,041 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Bank of N.T. Butterfield & Son by 5.3% in the 3rd quarter. Invesco Ltd. now owns 965,753 shares of the bank’s stock valued at $41,450,000 after purchasing an additional 48,368 shares during the last quarter. LSV Asset Management grew its stake in shares of Bank of N.T. Butterfield & Son by 6.9% during the 3rd quarter. LSV Asset Management now owns 651,259 shares of the bank’s stock valued at $27,952,000 after buying an additional 41,800 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after buying an additional 215,397 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of N.T. Butterfield & Son

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.