Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High – Time to Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) shares reached a new 52-week high on Friday . The stock traded as high as $58.20 and last traded at $58.13, with a volume of 41515 shares trading hands. The stock had previously closed at $57.57.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NTB. Keefe, Bruyette & Woods lifted their price target on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 11th. Wells Fargo & Company lifted their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

The firm’s 50-day moving average price is $55.36 and its 200 day moving average price is $52.15. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 10.02 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The business had revenue of $155.93 million for the quarter. As a group, equities research analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $2.00 annualized dividend and a yield of 3.5%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 34.60%.

Bank of N.T. Butterfield & Son declared that its board has authorized a stock repurchase program on Monday, February 9th that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Mark T. Lynch acquired 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $56.49 per share, with a total value of $564,900.00. Following the purchase, the director directly owned 234,794 shares of the company’s stock, valued at $13,263,513.06. The trade was a 4.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NTB. Millennium Management LLC boosted its stake in Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock worth $16,985,000 after acquiring an additional 215,397 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $9,579,000. LSV Asset Management boosted its stake in Bank of N.T. Butterfield & Son by 26.5% during 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. Assenagon Asset Management S.A. boosted its stake in Bank of N.T. Butterfield & Son by 648.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 193,754 shares of the bank’s stock worth $10,168,000 after acquiring an additional 167,871 shares during the last quarter. Finally, UBS Group AG boosted its stake in Bank of N.T. Butterfield & Son by 380.1% during the 4th quarter. UBS Group AG now owns 196,771 shares of the bank’s stock worth $9,803,000 after acquiring an additional 155,784 shares during the last quarter. Institutional investors own 62.73% of the company’s stock.

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.