Bank of N.T. Butterfield & Son (NYSE:NTB) Releases Earnings Results, Beats Expectations By $0.07 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) released its quarterly earnings data on Monday. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.07, FiscalAI reports. The firm had revenue of $159.00 million during the quarter, compared to the consensus estimate of $156.94 million. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%.Bank of N.T. Butterfield & Son’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business posted $1.26 EPS.

Bank of N.T. Butterfield & Son Stock Down 0.7%

NTB opened at $60.58 on Tuesday. The firm has a market cap of $2.54 billion, a P/E ratio of 10.48 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 52 week low of $40.59 and a 52 week high of $62.46. The business’s fifty day simple moving average is $58.86 and its 200 day simple moving average is $54.95.

Insider Activity

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the transaction, the chief executive officer directly owned 60,622 shares in the company, valued at approximately $3,562,754.94. This represents a 25.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark T. Lynch purchased 10,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the purchase, the director directly owned 234,794 shares in the company, valued at $13,263,513.06. The trade was a 4.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 60,621 shares of company stock valued at $3,557,496 in the last three months. 1.19% of the stock is currently owned by corporate insiders.

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

A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock valued at $34,000 after acquiring an additional 523 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 3,371.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Bank of N.T. Butterfield & Son in the third quarter valued at $56,000. Los Angeles Capital Management LLC purchased a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth about $67,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Bank of N.T. Butterfield & Son during the 4th quarter worth about $114,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on NTB shares. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Wells Fargo & Company lifted their price target on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Finally, Weiss Ratings reissued a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. One 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Bank of N.T. Butterfield & Son Company Profile

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.