Wells Fargo & Company Issues Positive Forecast for Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Price

Bank of N.T. Butterfield & Son (NYSE:NTB) had its target price increased by research analysts at Wells Fargo & Company from $50.00 to $57.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 6.88% from the stock’s current price.

NTB has been the topic of several other reports. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son has a consensus rating of “Hold” and an average target price of $55.00.

Bank of N.T. Butterfield & Son Stock Up 0.1%

Shares of NYSE NTB traded up $0.08 during midday trading on Thursday, reaching $53.33. 8,353 shares of the stock were exchanged, compared to its average volume of 156,401. The company has a 50 day simple moving average of $50.88 and a 200 day simple moving average of $46.76. Bank of N.T. Butterfield & Son has a twelve month low of $34.85 and a twelve month high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.The business had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. During the same period last year, the business posted $1.34 earnings per share. On average, equities research analysts predict that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

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

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

A number of institutional investors have recently modified their holdings of the company. Nuveen LLC increased its holdings in Bank of N.T. Butterfield & Son by 1.2% in the 4th quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after purchasing an additional 10,852 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 10.8% during the 4th quarter. Empowered Funds LLC now owns 171,835 shares of the bank’s stock valued at $8,561,000 after buying an additional 16,789 shares during the period. Focus Partners Advisor Solutions LLC lifted its position in Bank of N.T. Butterfield & Son by 19.2% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 5,603 shares of the bank’s stock worth $279,000 after acquiring an additional 904 shares in the last quarter. Cerity Partners LLC lifted its position in Bank of N.T. Butterfield & Son by 21.8% during the 4th quarter. Cerity Partners LLC now owns 24,996 shares of the bank’s stock worth $1,245,000 after acquiring an additional 4,471 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth approximately $205,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.