Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 52-Week High – Time to Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) shares reached a new 52-week high on Thursday . The stock traded as high as $57.85 and last traded at $57.4420, with a volume of 13316 shares changing hands. The stock had previously closed at $56.31.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NTB shares. Keefe, Bruyette & Woods boosted their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, February 11th. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Price Performance

The company has a fifty day moving average of $54.92 and a 200-day moving average of $51.80. The firm has a market cap of $2.37 billion, a P/E ratio of 9.76 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.The business had revenue of $155.93 million during the quarter. On average, sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.32 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 34.60%.

Bank of N.T. Butterfield & Son announced that its Board of Directors has initiated a share buyback program on Monday, February 9th that permits the company to repurchase $3.00 million in shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

A number of institutional investors have recently added to or reduced their stakes in NTB. Millennium Management LLC grew its position in Bank of N.T. Butterfield & Son by 119.4% in the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after purchasing an additional 215,397 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in Bank of N.T. Butterfield & Son in the 4th quarter worth about $9,579,000. LSV Asset Management grew its position in Bank of N.T. Butterfield & Son by 26.5% in the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after purchasing an additional 172,666 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Bank of N.T. Butterfield & Son by 648.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank’s stock worth $10,168,000 after purchasing an additional 167,871 shares in the last quarter. Finally, UBS Group AG grew its position in Bank of N.T. Butterfield & Son by 380.1% in 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 in the last quarter. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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.