Stock Repurchase Plan Approved by Bank of N.T. Butterfield & Son (NYSE:NTB) Board

Bank of N.T. Butterfield & Son (NYSE:NTB) announced that its board has initiated a share repurchase plan on Monday, December 8th, RTT News reports. The company plans to repurchase $140.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NTB. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price objective (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a research report on Monday, September 29th. Keefe, Bruyette & Woods upped their price target on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. Zacks Research raised Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.67.

Bank of N.T. Butterfield & Son Trading Down 0.2%

NYSE:NTB traded down $0.11 during mid-day trading on Monday, hitting $48.96. The stock had a trading volume of 160,286 shares, compared to its average volume of 141,471. Bank of N.T. Butterfield & Son has a twelve month low of $34.77 and a twelve month high of $49.49. The stock has a 50-day simple moving average of $44.53 and a two-hundred day simple moving average of $44.50. The company has a market capitalization of $2.33 billion, a PE ratio of 9.27 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 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.94%. The company had revenue of $153.30 million for the quarter, compared to the consensus estimate of $147.92 million. During the same period in the prior year, the firm posted $1.16 EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. Sell-side analysts predict that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 11th were paid a $0.50 dividend. The ex-dividend date was Monday, November 10th. This represents a $2.00 dividend on an annualized basis and a yield of 4.1%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 37.88%.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.