Bank of N.T. Butterfield & Son’s (NTB) Equal Weight Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reissued their equal weight rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a report published on Monday morning, Marketbeat.com reports. They currently have a $50.00 price objective on the bank’s stock, down from their prior price objective of $54.00.

NTB has been the subject of a number of other reports. Raymond James Financial reissued an “outperform” rating and set a $50.00 target price (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Bank of N.T. Butterfield & Son currently has a consensus rating of “Hold” and an average price target of $50.00.

Bank of N.T. Butterfield & Son Stock Down 0.7%

Bank of N.T. Butterfield & Son stock opened at $42.61 on Monday. The firm has a 50-day moving average price of $44.75 and a two-hundred day moving average price of $42.60. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 8.56 and a beta of 0.61. Bank of N.T. Butterfield & Son has a 52-week low of $34.77 and a 52-week high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same period in the previous year, the business posted $1.09 EPS. Research analysts expect that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.7%. This is an increase from Bank of N.T. Butterfield & Son’s previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 40.16%.

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

A number of institutional investors have recently made changes to their positions in the stock. USA Financial Formulas bought a new stake in shares of Bank of N.T. Butterfield & Son in the 2nd quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after purchasing an additional 523 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of Bank of N.T. Butterfield & Son by 207.4% in the 2nd quarter. AdvisorNet Financial Inc now owns 830 shares of the bank’s stock worth $37,000 after purchasing an additional 560 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 216.7% in the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank’s stock worth $52,000 after purchasing an additional 921 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Bank of N.T. Butterfield & Son by 29.4% in the 2nd quarter. California State Teachers Retirement System now owns 2,717 shares of the bank’s stock worth $120,000 after purchasing an additional 617 shares in the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.