Bank of N.T. Butterfield & Son (NYSE:NTB) Upgraded at Zacks Research

Bank of N.T. Butterfield & Son (NYSE:NTB) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Keefe, Bruyette & Woods lifted their target price on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. Finally, Wells Fargo & Company increased their target price on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock opened at $52.55 on Wednesday. The business has a fifty day moving average of $50.96 and a two-hundred day moving average of $46.80. Bank of N.T. Butterfield & Son has a twelve month low of $34.85 and a twelve month high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. The business had revenue of $158.90 million for the quarter, compared to the consensus estimate of $153.49 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 28.27%.During the same period last year, the business posted $1.34 EPS. On average, equities 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 announced that its board has approved a share repurchase program on Monday, December 8th that authorizes the company to repurchase $140.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its stake in shares of Bank of N.T. Butterfield & Son by 2.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 23,952 shares of the bank’s stock worth $1,193,000 after buying an additional 532 shares during the period. Renaissance Technologies LLC purchased a new position in Bank of N.T. Butterfield & Son in the 4th quarter worth $669,000. Federated Hermes Inc. lifted its position in Bank of N.T. Butterfield & Son by 4.4% during the 4th quarter. Federated Hermes Inc. now owns 191,941 shares of the bank’s stock worth $9,563,000 after acquiring an additional 8,173 shares during the period. Campbell & CO Investment Adviser LLC grew its stake in Bank of N.T. Butterfield & Son by 25.1% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 32,734 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 6,564 shares during the last quarter. Finally, Nuveen LLC increased its holdings in shares of Bank of N.T. Butterfield & Son by 1.2% in the fourth quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after purchasing an additional 10,852 shares during the period. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Company Profile

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.