Piper Sandler Reaffirms Overweight Rating for Bank of N.T. Butterfield & Son (NYSE:NTB)

Piper Sandler restated their overweight rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a research note released on Thursday morning, Benzinga reports. Piper Sandler currently has a $38.00 price target on the bank’s stock, up from their prior price target of $34.00.

A number of other brokerages also recently weighed in on NTB. Keefe, Bruyette & Woods cut their price objective on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. The Goldman Sachs Group raised their target price on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a buy rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $35.80.

Bank of N.T. Butterfield & Son Stock Down 0.2 %

NTB opened at $34.06 on Thursday. Bank of N.T. Butterfield & Son has a fifty-two week low of $22.93 and a fifty-two week high of $34.56. The business has a 50-day moving average of $30.86 and a 200-day moving average of $29.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.63. The company has a market capitalization of $1.71 billion, a PE ratio of 7.65 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The company had revenue of $142.80 million during the quarter, compared to the consensus estimate of $137.28 million. During the same period last year, the business earned $1.24 EPS. The business’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts forecast that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 5.17%. The ex-dividend date is Monday, May 6th. Bank of N.T. Butterfield & Son’s dividend payout ratio is 39.55%.

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

Several institutional investors have recently bought and sold shares of NTB. Norges Bank bought a new position in Bank of N.T. Butterfield & Son in the 4th quarter valued at $10,909,000. Vaughan Nelson Investment Management L.P. raised its position in Bank of N.T. Butterfield & Son by 66.7% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after purchasing an additional 266,450 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in Bank of N.T. Butterfield & Son in the 4th quarter valued at $7,202,000. Adage Capital Partners GP L.L.C. raised its position in Bank of N.T. Butterfield & Son by 11.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,766,718 shares of the bank’s stock valued at $47,843,000 after purchasing an additional 182,265 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Bank of N.T. Butterfield & Son by 20.8% in the 3rd quarter. Vanguard Group Inc. now owns 810,156 shares of the bank’s stock valued at $21,939,000 after purchasing an additional 139,485 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

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 interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.