Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) Rating Increased to Buy at Zacks Investment Research

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, September 12th. The brokerage currently has a $36.00 price objective on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential downside of 1.75% from the stock’s previous close.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

Bank of N.T. Butterfield & Son Limited (NYSE:NTB) traded up 0.63% during trading on Tuesday, reaching $36.64. The company had a trading volume of 327,549 shares. Bank of N.T. Butterfield & Son Limited has a 12 month low of $23.75 and a 12 month high of $36.70. The firm’s 50 day moving average is $33.42 and its 200-day moving average is $33.40. The company has a market capitalization of $2.00 billion and a P/E ratio of 23.90.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) last released its earnings results on Tuesday, July 25th. The bank reported $0.67 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.67. The business had revenue of $110.16 million during the quarter, compared to analysts’ expectations of $109.32 million. Bank of N.T. Butterfield & Son Limited (The) had a net margin of 19.54% and a return on equity of 17.93%. On average, equities analysts expect that Bank of N.T. Butterfield & Son Limited will post $2.77 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. lifted its stake in Bank of N.T. Butterfield & Son Limited (The) by 376.6% during the second quarter. Ameritas Investment Partners Inc. now owns 4,723 shares of the bank’s stock worth $161,000 after purchasing an additional 3,732 shares during the period. California State Teachers Retirement System lifted its stake in Bank of N.T. Butterfield & Son Limited (The) by 290.6% during the second quarter. California State Teachers Retirement System now owns 95,300 shares of the bank’s stock worth $3,250,000 after purchasing an additional 70,900 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Bank of N.T. Butterfield & Son Limited (The) by 349.8% during the second quarter. The Manufacturers Life Insurance Company now owns 38,646 shares of the bank’s stock worth $1,318,000 after purchasing an additional 30,055 shares during the period. Southpoint Capital Advisors LP lifted its stake in Bank of N.T. Butterfield & Son Limited (The) by 28.9% during the second quarter. Southpoint Capital Advisors LP now owns 1,200,000 shares of the bank’s stock worth $40,920,000 after purchasing an additional 268,861 shares during the period. Finally, State Street Corp lifted its stake in Bank of N.T. Butterfield & Son Limited (The) by 340.7% during the second quarter. State Street Corp now owns 859,224 shares of the bank’s stock worth $29,300,000 after purchasing an additional 664,249 shares during the period. Hedge funds and other institutional investors own 71.06% of the company’s stock.

About Bank of N.T. Butterfield & Son Limited (The)

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank’s geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services.

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