Bank of N.T. Butterfield & Son Limited (The) (NTB) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $36.00 target price on the bank’s stock.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

Shares of Bank of N.T. Butterfield & Son Limited (NYSE NTB) opened at 33.35 on Tuesday. Bank of N.T. Butterfield & Son Limited has a 12-month low of $23.75 and a 12-month high of $35.68. The stock has a 50 day moving average of $33.41 and a 200 day moving average of $33.34. The company has a market cap of $1.82 billion and a price-to-earnings ratio of 21.75.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $110.16 million for the quarter, compared to analysts’ expectations of $109.32 million. Bank of N.T. Butterfield & Son Limited (The) had a net margin of 19.54% and a return on equity of 17.93%. Equities research analysts predict that Bank of N.T. Butterfield & Son Limited will post $2.76 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Monday, August 28th. Stockholders of record on Monday, August 14th were given a dividend of $0.32 per share. The ex-dividend date was Thursday, August 10th. This represents a $1.28 annualized dividend and a dividend yield of 3.84%. Bank of N.T. Butterfield & Son Limited (The)’s payout ratio is 84.21%.

Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in shares of Bank of N.T. Butterfield & Son Limited (The) by 3.2% during the 1st quarter. Wellington Management Group LLP now owns 5,243,298 shares of the bank’s stock valued at $167,314,000 after acquiring an additional 160,828 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Bank of N.T. Butterfield & Son Limited (The) during the 1st quarter valued at about $3,190,000. Prudential Financial Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son Limited (The) during the 1st quarter valued at about $1,748,000. Parametric Portfolio Associates LLC acquired a new position in shares of Bank of N.T. Butterfield & Son Limited (The) during the 1st quarter valued at about $678,000. Finally, Nationwide Fund Advisors boosted its position in shares of Bank of N.T. Butterfield & Son Limited (The) by 349.8% during the 1st quarter. Nationwide Fund Advisors now owns 22,601 shares of the bank’s stock valued at $721,000 after acquiring an additional 17,576 shares during the last quarter. 71.25% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of N.T. Butterfield & Son Limited (The)

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank’s geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services.

Analyst Recommendations for Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

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