Bank of N.T. Butterfield & Son (NYSE:NTB) Rating Lowered to “Hold” at 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 note issued to investors on Monday,Zacks.com reports.

Several other analysts also recently commented on NTB. Keefe, Bruyette & Woods raised their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 11th. Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son Stock Down 0.7%

Shares of NTB stock opened at $55.95 on Monday. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 10.21 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 52 week low of $36.42 and a 52 week high of $56.62. The firm has a 50 day moving average of $52.34 and a 200-day moving average of $49.06.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. The company 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 net margin of 29.00% and a return on equity of 21.72%. During the same quarter last year, the firm posted $1.34 EPS. Analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son declared that its board has initiated a share buyback program on Monday, February 9th that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

A number of hedge funds have recently bought and sold shares of the company. Seelaus Asset Management LLC boosted its holdings in Bank of N.T. Butterfield & Son by 4.1% during the 4th quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank’s stock worth $313,000 after acquiring an additional 250 shares during the last quarter. Strs Ohio boosted its holdings in Bank of N.T. Butterfield & Son by 1.6% during 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 last quarter. Raymond James Financial Inc. boosted its holdings in Bank of N.T. Butterfield & Son by 5.6% during the 3rd quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank’s stock worth $264,000 after acquiring an additional 328 shares during the last quarter. Bell Investment Advisors Inc boosted its holdings in Bank of N.T. Butterfield & Son by 284.4% during the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock worth $26,000 after acquiring an additional 455 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in Bank of N.T. Butterfield & Son by 3.2% during the 2nd quarter. Cerity Partners LLC now owns 14,779 shares of the bank’s stock worth $654,000 after acquiring an additional 457 shares during the last quarter. 62.73% of the stock is 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.