Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 1-Year High on Better-Than-Expected Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares. The stock had previously closed at $33.66.

The bank reported $1.17 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.21. The firm had revenue of $142.80 million for the quarter, compared to analyst estimates of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.24 earnings per share.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be issued a $0.44 dividend. The ex-dividend date is Monday, May 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.17%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 39.55%.

Analysts Set New Price Targets

A number of analysts have recently commented on NTB shares. Raymond James restated an “outperform” rating and issued a $36.00 price target (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. The Goldman Sachs Group boosted their price target on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Keefe, Bruyette & Woods cut their price target on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Finally, Piper Sandler restated an “overweight” rating and issued a $38.00 price target (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

Institutional Trading of Bank of N.T. Butterfield & Son

A number of hedge funds and other institutional investors have recently modified their holdings of NTB. TFO Wealth Partners LLC increased its position in Bank of N.T. Butterfield & Son by 18,890.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after buying an additional 1,889 shares during the last quarter. Meritage Portfolio Management grew its position in shares of Bank of N.T. Butterfield & Son by 5.5% in the third quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock valued at $220,000 after purchasing an additional 425 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $276,000. Nisa Investment Advisors LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 304.3% in the third quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock valued at $234,000 after buying an additional 6,500 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Bank of N.T. Butterfield & Son in the third quarter valued at approximately $268,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Trading Down 0.1 %

The company has a quick ratio of 0.63, a current ratio of 0.66 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.71 billion, a P/E ratio of 7.66 and a beta of 1.29. The firm has a 50 day moving average of $30.86 and a 200-day moving average of $29.85.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.