Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High – Still a Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) shares hit a new 52-week high on Wednesday . The stock traded as high as $55.97 and last traded at $55.9310, with a volume of 5457 shares trading hands. The stock had previously closed at $54.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NTB shares. Zacks Research raised Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Wells Fargo & Company raised their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of “Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 10.32 and a beta of 0.51. The business has a fifty day moving average price of $52.13 and a 200 day moving average price of $48.75.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. The firm had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.During the same quarter in the previous year, the business earned $1.34 earnings per share. On average, analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, February 23rd. Bank of N.T. Butterfield & Son’s payout ratio is 36.50%.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a share repurchase program on Monday, February 9th that allows the company to buyback $3.00 million in shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Seelaus Asset Management LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 4.1% in the fourth quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank’s stock valued at $313,000 after buying an additional 250 shares in the last quarter. Strs Ohio boosted its holdings in Bank of N.T. Butterfield & Son by 1.6% in the 3rd quarter. Strs Ohio now owns 18,900 shares of the bank’s stock worth $811,000 after acquiring an additional 300 shares during the period. Raymond James Financial Inc. grew its position in Bank of N.T. Butterfield & Son by 5.6% in the third quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank’s stock valued at $264,000 after acquiring an additional 328 shares in the last quarter. Bell Investment Advisors Inc raised its stake in shares of Bank of N.T. Butterfield & Son by 284.4% during the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after purchasing an additional 455 shares during the period. Finally, Cerity Partners LLC lifted its position in shares of Bank of N.T. Butterfield & Son by 3.2% during the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank’s stock worth $654,000 after purchasing an additional 457 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.

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.