Bank of N.T. Butterfield & Son (NYSE:NTB) Cut to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a sell rating in a research report released on Tuesday morning, Zacks.com reports.

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. “

Several other brokerages have also commented on NTB. Wells Fargo & Co lowered shares of Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 price target for the company. in a research report on Tuesday, June 2nd. Raymond James upped their price target on shares of Bank of N.T. Butterfield & Son from $20.00 to $24.00 and gave the stock an outperform rating in a research report on Monday, May 4th. Piper Sandler upped their price target on shares of Bank of N.T. Butterfield & Son from $27.00 to $30.00 and gave the stock an overweight rating in a research report on Friday, June 5th. ValuEngine lowered shares of Bank of N.T. Butterfield & Son from a hold rating to a sell rating in a research report on Thursday, April 2nd. Finally, Citigroup upped their price target on shares of Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the stock a neutral rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $30.50.

Shares of NTB opened at $24.32 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 7.85 and a beta of 2.21. The company’s 50 day simple moving average is $23.86 and its 200 day simple moving average is $26.97. Bank of N.T. Butterfield & Son has a 1 year low of $13.76 and a 1 year high of $38.05.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. Bank of N.T. Butterfield & Son had a net margin of 28.53% and a return on equity of 19.49%. The business had revenue of $129.40 million for the quarter, compared to the consensus estimate of $133.22 million. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts expect that Bank of N.T. Butterfield & Son will post 2.65 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in NTB. Panagora Asset Management Inc. acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter valued at $32,000. Rockefeller Capital Management L.P. acquired a new stake in Bank of N.T. Butterfield & Son during the 1st quarter valued at $40,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter valued at $42,000. Nisa Investment Advisors LLC acquired a new stake in Bank of N.T. Butterfield & Son during the 1st quarter valued at $51,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter valued at $64,000. 67.14% of the stock is owned by 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 non-interest bearing deposits, as well as certificates of deposit. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

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