The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Given Average Recommendation of “Buy” by Brokerages

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) has been given a consensus rating of “Buy” by the five ratings firms that are presently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $35.80.

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of 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. The Goldman Sachs Group increased their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Raymond James reiterated an “outperform” rating and set a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $38.00 target price (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $34.39 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.66. Bank of N.T. Butterfield & Son has a 1-year low of $22.93 and a 1-year high of $34.93. The firm has a market capitalization of $1.73 billion, a P/E ratio of 7.73 and a beta of 1.29. The company’s 50-day moving average is $31.09 and its 200 day moving average is $30.01.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million for the quarter, compared to analyst estimates of $137.28 million. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 EPS. Research analysts forecast that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.12%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 39.55%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. raised its holdings in shares of Bank of N.T. Butterfield & Son by 11.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock worth $47,843,000 after purchasing an additional 182,265 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Bank of N.T. Butterfield & Son by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock valued at $46,534,000 after buying an additional 25,383 shares during the period. Vanguard Group Inc. grew its position in Bank of N.T. Butterfield & Son by 20.8% during the third quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after buying an additional 139,485 shares during the period. Invesco Ltd. grew its position in Bank of N.T. Butterfield & Son by 0.4% during the third quarter. Invesco Ltd. now owns 808,823 shares of the bank’s stock valued at $21,903,000 after buying an additional 2,889 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its position in Bank of N.T. Butterfield & Son by 66.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after buying an additional 266,450 shares during the period. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.