Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 52-Week High – Still a Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) reached a new 52-week high during trading on Monday . The company traded as high as $59.37 and last traded at $58.9750, with a volume of 10066 shares trading hands. The stock had previously closed at $58.58.

Wall Street Analysts Forecast Growth

NTB has been the subject of a number of analyst reports. 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 increased their target price on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. Finally, Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Bank of N.T. Butterfield & Son has an average rating of “Moderate Buy” and a consensus price target of $56.33.

Bank of N.T. Butterfield & Son Price Performance

The stock has a fifty day simple moving average of $56.55 and a two-hundred day simple moving average of $53.11. The firm has a market capitalization of $2.45 billion, a P/E ratio of 10.11 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. The firm had revenue of $155.93 million for the quarter. Bank of N.T. Butterfield & Son had a return on equity of 21.92% and a net margin of 30.22%. As a group, sell-side analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Wednesday, May 13th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 34.60%.

Insider Buying and Selling at Bank of N.T. Butterfield & Son

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 60,622 shares of the company’s stock, valued at approximately $3,562,754.94. The trade was a 25.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark T. Lynch acquired 10,000 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the transaction, the director directly owned 234,794 shares in the company, valued at approximately $13,263,513.06. This represents a 4.45% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 60,621 shares of company stock valued at $3,557,496. Insiders own 1.19% of the company’s stock.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Hedge funds have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc raised its position in shares of Bank of N.T. Butterfield & Son by 284.4% during the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock worth $26,000 after purchasing an additional 455 shares during the period. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 523 shares during the period. Jones Financial Companies Lllp grew its position in Bank of N.T. Butterfield & Son by 234.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock valued at $42,000 after purchasing an additional 672 shares during the period. PNC Financial Services Group Inc. increased its stake in Bank of N.T. Butterfield & Son by 3,371.0% during the 3rd 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 in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in Bank of N.T. Butterfield & Son during the 3rd quarter valued at $56,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

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.