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

Bank of N.T. Butterfield & Son (NYSE:NTB)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research report issued on Thursday, Benzinga reports. They currently have a $38.00 price target on the bank’s stock, up from their previous price target of $34.00. Piper Sandler’s target price would indicate a potential upside of 12.89% from the company’s previous close.

NTB has been the subject of a number of other reports. Keefe, Bruyette & Woods cut their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. The Goldman Sachs Group raised their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.40.

Bank of N.T. Butterfield & Son Price Performance

NTB opened at $33.66 on Thursday. The company has a 50-day moving average of $30.72 and a 200-day moving average of $29.77. Bank of N.T. Butterfield & Son has a 1-year low of $22.93 and a 1-year high of $33.80. The company has a market capitalization of $1.69 billion, a P/E ratio of 7.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to the consensus estimate of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.40% and a net margin of 29.60%. Bank of N.T. Butterfield & Son’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 earnings per share. Equities analysts expect that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently modified their holdings of NTB. TFO Wealth Partners LLC raised its position in shares of Bank of N.T. Butterfield & Son by 18,890.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock valued at $61,000 after acquiring an additional 1,889 shares during the last quarter. Meritage Portfolio Management boosted its position in Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after acquiring an additional 425 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Bank of N.T. Butterfield & Son by 304.3% during the third quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock worth $234,000 after purchasing an additional 6,500 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Bank of N.T. Butterfield & Son during the third quarter worth $268,000. Finally, Quadrature Capital Ltd acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter valued at $276,000. 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.