Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High Following Analyst Upgrade

Shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) reached a new 52-week high on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $52.00 to $58.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Bank of N.T. Butterfield & Son traded as high as $55.84 and last traded at $53.1460, with a volume of 153028 shares. The stock had previously closed at $52.78.

Several other brokerages have also issued reports on NTB. Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son has an average rating of “Hold” and an average target price of $52.67.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Rovida Advisors Inc. acquired a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at $79,413,000. Millennium Management LLC increased its position in shares of Bank of N.T. Butterfield & Son by 119.4% in the third quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after acquiring an additional 215,397 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Bank of N.T. Butterfield & Son by 420.7% during the third quarter. Assenagon Asset Management S.A. now owns 255,544 shares of the bank’s stock valued at $10,968,000 after purchasing an additional 206,464 shares during the last quarter. LSV Asset Management grew its stake in Bank of N.T. Butterfield & Son by 26.5% in the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after purchasing an additional 172,666 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Bank of N.T. Butterfield & Son by 380.1% during the 4th quarter. UBS Group AG now owns 196,771 shares of the bank’s stock worth $9,803,000 after purchasing an additional 155,784 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Up 0.6%

The company has a market cap of $2.52 billion, a P/E ratio of 9.68 and a beta of 0.57. The business has a 50 day moving average price of $50.78 and a 200-day moving average price of $46.72.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 22.04%. The firm had revenue of $158.90 million for the quarter, compared to analyst estimates of $153.49 million. During the same period in the prior year, the firm posted $1.34 earnings per share. On average, sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, February 23rd. Bank of N.T. Butterfield & Son’s payout ratio is 36.50%.

Bank of N.T. Butterfield & Son announced that its board has authorized a share repurchase plan on Monday, December 8th that allows the company to repurchase $140.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.