Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $66.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target increased by Keefe, Bruyette & Woods from $60.00 to $66.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other equities analysts have also recently weighed in on the company. Wells Fargo & Company lifted their target price on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, June 8th. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and an average price target of $63.50.

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

Shares of Bank of N.T. Butterfield & Son stock opened at $61.91 on Monday. Bank of N.T. Butterfield & Son has a 12 month low of $40.59 and a 12 month high of $62.54. The stock has a market cap of $2.60 billion, a PE ratio of 10.88 and a beta of 0.51. The business has a fifty day simple moving average of $59.60 and a 200-day simple moving average of $55.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. The firm had revenue of $159.00 million for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%. Analysts expect that Bank of N.T. Butterfield & Son will post 6.25 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 35.15%.

Insider Activity

In other Bank of N.T. Butterfield & Son news, Director Michael Mcwatt sold 12,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $61.78, for a total value of $741,360.00. Following the transaction, the director owned 22,544 shares in the company, valued at $1,392,768.32. The trade was a 34.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John R. Wright sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $59.50, for a total value of $297,500.00. Following the sale, the director directly owned 5,102 shares of the company’s stock, valued at $303,569. This trade represents a 49.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 140,392 shares of company stock valued at $8,433,447. 1.19% of the stock is currently owned by company insiders.

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

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after purchasing an additional 523 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at $56,000. Los Angeles Capital Management LLC bought a new stake in Bank of N.T. Butterfield & Son in the fourth quarter worth $67,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Bank of N.T. Butterfield & Son in the fourth quarter worth $114,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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.