Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 52-Week High on Strong Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)’s stock price hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares changing hands. The stock had previously closed at $33.66.

The bank reported $1.17 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.21. The company had revenue of $142.80 million for the quarter, compared to the consensus estimate of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.40% and a net margin of 29.60%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 5.16%. The ex-dividend date is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is presently 39.55%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target (up previously from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. Keefe, Bruyette & Woods lowered their price objective on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, The Goldman Sachs Group upped their target price on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.80.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Institutional investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC lifted its position in Bank of N.T. Butterfield & Son by 18,890.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after acquiring an additional 1,889 shares during the period. Meritage Portfolio Management grew its position in Bank of N.T. Butterfield & Son by 5.5% in the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock valued at $220,000 after buying an additional 425 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Bank of N.T. Butterfield & Son by 304.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock valued at $234,000 after buying an additional 6,500 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Bank of N.T. Butterfield & Son during the 3rd quarter worth $268,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Bank of N.T. Butterfield & Son in the 4th quarter worth $276,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Up 1.4 %

The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average price is $30.78 and its two-hundred day moving average price is $29.80. The firm has a market cap of $1.71 billion, a PE ratio of 7.67 and a beta of 1.29.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.