Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 12-Month High – Time to Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $57.85 and last traded at $57.4420, with a volume of 13316 shares trading hands. The stock had previously closed at $56.31.

Analyst Ratings Changes

Several analysts recently issued reports on NTB shares. Zacks Research cut Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Keefe, Bruyette & Woods increased their price objective on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, February 11th. Wells Fargo & Company lifted their price objective on 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. Finally, Weiss Ratings raised Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Bank of N.T. Butterfield & Son Stock Up 2.0%

The company has a market cap of $2.41 billion, a PE ratio of 9.94 and a beta of 0.51. The firm’s 50-day moving average is $54.68 and its 200-day moving average is $51.69.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 EPS 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 during the quarter. As a group, equities research analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 6.32 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, May 13th. 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 of Directors has approved a stock repurchase plan on Monday, February 9th that permits the company to buyback $3.00 million in shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. UBS Group AG grew its stake in shares of Bank of N.T. Butterfield & Son by 380.1% in the fourth 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. Tudor Investment Corp ET AL increased its holdings in shares of Bank of N.T. Butterfield & Son by 16.7% during the third quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank’s stock valued at $5,787,000 after acquiring an additional 19,327 shares in the last quarter. Quantbot Technologies LP raised its position in shares of Bank of N.T. Butterfield & Son by 97.5% in the 3rd quarter. Quantbot Technologies LP now owns 24,895 shares of the bank’s stock worth $1,068,000 after purchasing an additional 12,290 shares during the last quarter. American Century Companies Inc. boosted its stake in Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock worth $65,140,000 after purchasing an additional 140,041 shares in the last quarter. Finally, LSV Asset Management boosted its stake 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 purchasing an additional 172,666 shares in the last quarter. 62.73% of the stock is currently 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.