Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target Raised to $65.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target hoisted by Wells Fargo & Company from $61.00 to $65.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other analysts also recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB opened at $58.75 on Wednesday. The company has a 50-day simple moving average of $60.25 and a 200-day simple moving average of $57.95. Bank of N.T. Butterfield & Son has a 52 week low of $40.59 and a 52 week high of $64.17. The firm has a market capitalization of $2.46 billion, a P/E ratio of 10.33 and a beta of 0.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 22.43% and a net margin of 29.34%.The business had revenue of $159.00 million for the quarter. As a group, equities analysts forecast that Bank of N.T. Butterfield & Son will post 6.25 earnings per share for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. Bank of N.T. Butterfield & Son’s payout ratio is presently 35.15%.

Insider Transactions at Bank of N.T. Butterfield & Son

In other Bank of N.T. Butterfield & Son news, Director Michael McWatt sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $61.78, for a total transaction of $741,360.00. Following the completion of the transaction, the director owned 22,544 shares in the company, valued at $1,392,768.32. This trade represents a 34.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Collins sold 75,000 shares of Bank of N.T. Butterfield & Son stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $62.98, for a total value of $4,723,500.00. Following the sale, the chief executive officer directly owned 132,037 shares in the company, valued at $8,315,690.26. The trade was a 36.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 295,808 shares of company stock valued at $18,154,010. Corporate insiders own 1.19% of the company’s stock.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 108.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,346 shares of the bank’s stock valued at $67,000 after buying an additional 701 shares in the last quarter. Allworth Financial LP raised its stake in Bank of N.T. Butterfield & Son by 72.9% during the second quarter. Allworth Financial LP now owns 1,345 shares of the bank’s stock worth $80,000 after acquiring an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in Bank of N.T. Butterfield & Son by 824.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,134 shares of the bank’s stock worth $156,000 after acquiring an additional 2,795 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Bank of N.T. Butterfield & Son during the second quarter valued at $156,000. Finally, Corient Private Wealth LP bought a new position in shares of Bank of N.T. Butterfield & Son during the second quarter valued at $273,000. Institutional investors own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited is a financial services company headquartered in Hamilton, Bermuda. Founded in 1858, the bank provides banking, wealth management and related financial services to individuals, businesses and institutional clients.

Its banking services include deposits, residential and commercial lending, payment services, credit and debit cards, foreign exchange and digital banking. Through its wealth management operations, Butterfield offers trust and fiduciary services, investment management, private banking and related advisory services.

Butterfield primarily serves customers in Bermuda, the Cayman Islands and the Channel Islands, with additional wealth management and banking activities connected to international clients.