Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 12-Month High – Time to Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) hit a new 52-week high on Wednesday . The company traded as high as $61.18 and last traded at $61.23, with a volume of 10022 shares. The stock had previously closed at $60.58.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings reissued a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Wells Fargo & Company upped their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.50.

Bank of N.T. Butterfield & Son Stock Up 2.0%

The company’s fifty day moving average is $58.10 and its two-hundred day moving average is $54.42. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 10.78 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. The firm had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. On average, equities research analysts expect that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, May 13th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is currently 34.60%.

Insiders Place Their Bets

In related news, Director Mark T. Lynch acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $56.49 per share, with a total value of $564,900.00. Following the completion of the purchase, the director directly owned 234,794 shares in the company, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael W. Collins sold 20,621 shares of the 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 completion of the transaction, the chief executive officer directly owned 60,622 shares in the company, valued at $3,562,754.94. The trade was a 25.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 60,621 shares of company stock valued at $3,557,496. 1.19% of the stock is owned by insiders.

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

Hedge funds have recently modified their holdings of the company. UBS Group AG raised its holdings in Bank of N.T. Butterfield & Son by 380.1% in the fourth quarter. UBS Group AG now owns 196,771 shares of the bank’s stock worth $9,803,000 after purchasing an additional 155,784 shares during the period. LSV Asset Management boosted its position in shares of Bank of N.T. Butterfield & Son by 26.5% during the fourth quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock worth $41,048,000 after purchasing an additional 172,666 shares in the last quarter. Tudor Investment Corp ET AL grew its holdings in shares of Bank of N.T. Butterfield & Son by 16.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank’s stock valued at $5,787,000 after buying an additional 19,327 shares during the period. Globeflex Capital L P grew its holdings in shares of Bank of N.T. Butterfield & Son by 24.1% in the 4th quarter. Globeflex Capital L P now owns 130,399 shares of the bank’s stock valued at $6,496,000 after buying an additional 25,349 shares during the period. Finally, Ritholtz Wealth Management acquired a new position in shares of Bank of N.T. Butterfield & Son in the 1st quarter valued at $1,382,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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.