Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High – Here’s Why

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.37 and last traded at $47.1550, with a volume of 26058 shares traded. The stock had previously closed at $46.44.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NTB shares. Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 8th. Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $50.00 target price (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and a consensus price target of $50.67.

Bank of N.T. Butterfield & Son Trading Up 2.0%

The firm has a market cap of $2.25 billion, a PE ratio of 8.97 and a beta of 0.57. The business has a fifty day moving average of $44.04 and a 200-day moving average of $44.26.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Tuesday, October 28th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.30 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.94%. The company had revenue of $153.30 million during the quarter, compared to analysts’ expectations of $147.92 million. During the same quarter in the previous year, the company earned $1.16 earnings per share. Bank of N.T. Butterfield & Son’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 11th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Monday, November 10th. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 37.88%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NTB. CIBC Private Wealth Group LLC bought a new position in shares of Bank of N.T. Butterfield & Son in the 3rd quarter worth $56,000. CIBC Bancorp USA Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son during the 3rd quarter worth $265,000. Bell Investment Advisors Inc grew its position in Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock worth $26,000 after acquiring an additional 455 shares in the last quarter. Harvest Investment Services LLC bought a new position in Bank of N.T. Butterfield & Son in the third quarter valued at $267,000. Finally, Virtus Advisers LLC bought a new position in Bank of N.T. Butterfield & Son in the third quarter valued at $584,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Company Profile

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.