Bank of N.T. Butterfield & Son (NYSE:NTB) Posts Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) issued its earnings results on Tuesday. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.09, FiscalAI reports. The firm had revenue of $162.24 million during the quarter, compared to analysts’ expectations of $160.90 million. During the same period in the previous year, the firm earned $1.51 EPS.

Bank of N.T. Butterfield & Son Trading Up 0.4%

Shares of NTB stock opened at $60.16 on Wednesday. The firm’s 50-day simple moving average is $59.08 and its 200-day simple moving average is $56.56. Bank of N.T. Butterfield & Son has a 1-year low of $41.71 and a 1-year high of $64.17.

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

In other news, insider Andrew Burns sold 18,566 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $61.27, for a total value of $1,137,538.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael McWatt sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $58.41, for a total transaction of $525,690.00. Following the sale, the director owned 13,544 shares of the company’s stock, valued at approximately $791,105.04. This represents a 39.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 288,308 shares of company stock worth $17,704,460. 1.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on NTB. Wells Fargo & Company lifted their price objective on Bank of N.T. Butterfield & Son from $61.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 30th. Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, September 29th. One investment 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.50.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a full-service bank headquartered in Hamilton, Bermuda. Founded in 1858, the company provides banking, wealth management and fiduciary services to individuals, businesses, institutions and international clients.

Butterfield’s banking activities include personal and commercial deposit accounts, residential and commercial lending, credit and debit cards, cash management, foreign exchange and other financial services.