Bank of N.T. Butterfield & Son (NYSE:NTB) Downgraded to Market Perform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from an outperform rating to a market perform rating in a report issued on Wednesday, Marketbeat reports. Keefe, Bruyette & Woods currently has $41.00 target price on the bank’s stock, down from their prior target price of $44.00.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group raised their target price on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an overweight rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $39.60.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB opened at $35.83 on Wednesday. The firm has a market cap of $1.80 billion, a P/E ratio of 8.05 and a beta of 1.18. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a fifty day moving average price of $36.90 and a two-hundred day moving average price of $34.98. Bank of N.T. Butterfield & Son has a 1 year low of $24.62 and a 1 year high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.04. The business had revenue of $143.10 million during the quarter, compared to analyst estimates of $139.75 million. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The company’s revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $1.14 EPS. Research analysts forecast that Bank of N.T. Butterfield & Son will post 4.55 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were issued a dividend of $0.44 per share. The ex-dividend date was Monday, August 5th. This represents a $1.76 annualized dividend and a dividend yield of 4.91%. Bank of N.T. Butterfield & Son’s dividend payout ratio is 39.55%.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Bank of N.T. Butterfield & Son by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,600,864 shares of the bank’s stock valued at $56,221,000 after buying an additional 51,875 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in Bank of N.T. Butterfield & Son during the second quarter valued at about $31,906,000. Vanguard Group Inc. raised its holdings in Bank of N.T. Butterfield & Son by 5.4% during the first quarter. Vanguard Group Inc. now owns 903,713 shares of the bank’s stock valued at $28,910,000 after buying an additional 46,416 shares in the last quarter. American Century Companies Inc. raised its holdings in Bank of N.T. Butterfield & Son by 31.7% during the second quarter. American Century Companies Inc. now owns 876,472 shares of the bank’s stock valued at $30,782,000 after buying an additional 211,147 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Bank of N.T. Butterfield & Son by 45.6% during the second quarter. Victory Capital Management Inc. now owns 381,876 shares of the bank’s stock valued at $13,411,000 after buying an additional 119,572 shares in the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

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.