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

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 note 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 research firms also recently issued reports on NTB. Wells Fargo & Co downgraded Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 target price on the stock. in a research report on Tuesday, June 2nd. Citigroup upped their target price on Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the company a neutral rating in a research report on Thursday, June 18th. ValuEngine downgraded Bank of N.T. Butterfield & Son from a hold rating to a sell rating in a research report on Thursday, April 2nd. Raymond James increased their price target on 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. Finally, Piper Sandler increased their price target on 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. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $30.50.

NYSE NTB opened at $24.32 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.69 and a quick ratio of 0.69. The stock’s fifty day moving average price is $23.86 and its 200 day moving average price 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. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 7.85 and a beta of 2.21.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results 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 return on equity of 19.49% and a net margin of 28.53%. The firm had revenue of $129.40 million for the quarter, compared to the consensus estimate of $133.22 million. During the same period in the prior year, the firm earned $0.95 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. Research analysts expect that Bank of N.T. Butterfield & Son will post 2.65 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of NTB. Panagora Asset Management Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth about $32,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth about $40,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth about $42,000. Nisa Investment Advisors LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the 1st quarter worth about $51,000. Finally, Point72 Hong Kong Ltd purchased a new position in Bank of N.T. Butterfield & Son in the 4th quarter valued at about $64,000. 67.14% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: Monthly Dividend Stocks Can Provide Solid Income

Get a free copy of the Zacks research report on Bank of N.T. Butterfield & Son (NTB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Bank of N.T. Butterfield & Son Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of N.T. Butterfield & Son and related companies with MarketBeat.com's FREE daily email newsletter.