Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 12-Month High on Analyst Upgrade

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)’s share price reached a new 52-week high on Thursday after The Goldman Sachs Group raised their price target on the stock from $35.00 to $40.00. The Goldman Sachs Group currently has a buy rating on the stock. Bank of N.T. Butterfield & Son traded as high as $36.62 and last traded at $36.55, with a volume of 76864 shares traded. The stock had previously closed at $35.66.

A number of other analysts have also weighed in on the stock. Raymond James reissued an “outperform” rating and issued a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. Piper Sandler restated an “overweight” rating and issued a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and an average target price of $36.80.

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

A number of hedge funds have recently added to or reduced their stakes in NTB. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 139,485 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $665,000. Denali Advisors LLC lifted its position in Bank of N.T. Butterfield & Son by 4.0% during the fourth quarter. Denali Advisors LLC now owns 155,756 shares of the bank’s stock valued at $4,986,000 after acquiring an additional 6,046 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Bank of N.T. Butterfield & Son by 5.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,896 shares of the bank’s stock valued at $733,000 after acquiring an additional 1,183 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted 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 acquiring an additional 266,450 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Price Performance

The stock’s 50-day moving average is $34.47 and its 200 day moving average is $32.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $1.73 billion, a PE ratio of 8.26 and a beta of 1.20.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The company had revenue of $142.80 million during the quarter, compared to analysts’ expectations of $137.28 million. During the same quarter in the prior year, the company posted $1.24 earnings per share. Bank of N.T. Butterfield & Son’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities analysts anticipate that The Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th were issued a $0.44 dividend. The ex-dividend date of this dividend was Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.79%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 39.55%.

About Bank of N.T. Butterfield & Son

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.