Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $58.00 at Keefe, Bruyette & Woods

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target raised by stock analysts at Keefe, Bruyette & Woods from $52.00 to $58.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 9.52% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $52.67.

Bank of N.T. Butterfield & Son Trading Down 0.8%

Shares of NYSE NTB opened at $52.96 on Wednesday. The firm’s 50-day moving average price is $50.78 and its 200-day moving average price is $46.72. Bank of N.T. Butterfield & Son has a 1-year low of $34.85 and a 1-year high of $54.91.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 22.04% and a net margin of 28.27%.The business had revenue of $158.90 million for the quarter, compared to the consensus estimate of $153.49 million. During the same period in the prior year, the business earned $1.34 EPS. On average, analysts predict that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son declared that its Board of Directors has initiated a share repurchase plan on Monday, December 8th that allows the company to repurchase $140.00 million in shares. This repurchase authorization allows the bank to buy up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Globeflex Capital L P raised its holdings in shares of Bank of N.T. Butterfield & Son by 24.1% in the 4th quarter. Globeflex Capital L P now owns 130,399 shares of the bank’s stock worth $6,496,000 after purchasing an additional 25,349 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Bank of N.T. Butterfield & Son by 43.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 299,084 shares of the bank’s stock valued at $14,900,000 after buying an additional 90,246 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Bank of N.T. Butterfield & Son by 35.7% during the 4th quarter. BNP Paribas Financial Markets now owns 86,960 shares of the bank’s stock valued at $4,332,000 after buying an additional 22,890 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 108.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,346 shares of the bank’s stock worth $67,000 after acquiring an additional 701 shares during the period. Finally, LSV Asset Management increased its holdings in Bank of N.T. Butterfield & Son by 26.5% in the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after acquiring an additional 172,666 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.