The Bank of N.T. Butterfield & Son Limited Plans Quarterly Dividend of $0.44 (NYSE:NTB)

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) declared a quarterly dividend on Monday, July 22nd, NASDAQ reports. Investors of record on Monday, August 5th will be given a dividend of 0.44 per share by the bank on Monday, August 19th. This represents a $1.76 annualized dividend and a yield of 4.49%. The ex-dividend date is Monday, August 5th.

Bank of N.T. Butterfield & Son has a payout ratio of 38.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of N.T. Butterfield & Son to earn $4.70 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 37.4%.

Bank of N.T. Butterfield & Son Price Performance

NTB traded down $0.29 during trading on Tuesday, hitting $39.24. 333,685 shares of the company traded hands, compared to its average volume of 207,935. The company has a market cap of $1.97 billion, a PE ratio of 8.84 and a beta of 1.20. The stock’s 50-day simple moving average is $35.01 and its two-hundred day simple moving average is $32.54. Bank of N.T. Butterfield & Son has a 1 year low of $24.62 and a 1 year high of $40.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.04. The company had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $139.75 million. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. Bank of N.T. Butterfield & Son’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $1.14 earnings per share. As a group, sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NTB shares. Raymond James reaffirmed an “outperform” rating and set a $36.00 target price (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. The Goldman Sachs Group lifted their price objective on shares of Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Piper Sandler reissued an “overweight” rating and issued a $38.00 price objective (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of “Moderate Buy” and an average price target of $36.80.

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.