Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 1-Year High – Should You Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) shares hit a new 52-week high during trading on Thursday . The company traded as high as $52.16 and last traded at $51.7260, with a volume of 54475 shares changing hands. The stock had previously closed at $50.84.

Analysts Set New Price Targets

A number of brokerages have issued reports on NTB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods raised their price objective 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 report on Thursday, October 30th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.67.

Bank of N.T. Butterfield & Son Stock Down 0.3%

The company’s 50-day moving average is $49.91 and its two-hundred day moving average is $46.33. The company has a market cap of $2.47 billion, a P/E ratio of 9.83 and a beta of 0.57.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Tuesday, October 28th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.21. The business had revenue of $153.30 million during the quarter, compared to analyst estimates of $147.92 million. Bank of N.T. Butterfield & Son had a return on equity of 21.94% and a net margin of 28.27%.Bank of N.T. Butterfield & Son’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 earnings per share. On average, analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a stock buyback plan on Monday, December 8th that authorizes the company to buyback $140.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. UBS Group AG boosted its stake in Bank of N.T. Butterfield & Son by 380.1% during the fourth quarter. UBS Group AG now owns 196,771 shares of the bank’s stock valued at $9,803,000 after buying an additional 155,784 shares during the period. Polaris Capital Management LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 3.6% in the 4th quarter. Polaris Capital Management LLC now owns 45,600 shares of the bank’s stock valued at $2,272,000 after acquiring an additional 1,600 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter valued at about $260,000. CWM LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 7.3% during the fourth quarter. CWM LLC now owns 30,900 shares of the bank’s stock worth $1,539,000 after purchasing an additional 2,097 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of Bank of N.T. Butterfield & Son by 10.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 35,179 shares of the bank’s stock worth $1,753,000 after purchasing an additional 3,468 shares during the last quarter. 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.