Bank of N.T. Butterfield & Son (NYSE:NTB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $30.00 price target on the bank’s stock.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

A number of other equities research analysts have also weighed in on NTB. Raymond James boosted their price objective on shares of Bank of N.T. Butterfield & Son from $26.00 to $29.00 and gave the stock an outperform rating in a report on Tuesday, July 28th. Piper Sandler upped their price target on shares of Bank of N.T. Butterfield & Son from $30.00 to $32.00 and gave the company an overweight rating in a report on Friday, July 24th. Citigroup upped their price target on shares of Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the company a neutral rating in a report on Thursday, June 18th. ValuEngine lowered shares of Bank of N.T. Butterfield & Son from a hold rating to a sell rating in a report on Thursday, April 2nd. Finally, Wells Fargo & Co lowered shares of Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 price target for the company. in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Bank of N.T. Butterfield & Son presently has a consensus rating of Hold and an average target price of $28.20.

Shares of NTB stock opened at $26.03 on Wednesday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 8.53 and a beta of 2.21. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.72 and a current ratio of 0.72. Bank of N.T. Butterfield & Son has a 52 week low of $13.76 and a 52 week high of $38.05. The firm’s 50-day simple moving average is $24.60 and its two-hundred day simple moving average is $25.08.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Thursday, July 23rd. The bank reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.12. Bank of N.T. Butterfield & Son had a net margin of 28.51% and a return on equity of 17.47%. The firm had revenue of $120.77 million during the quarter, compared to the consensus estimate of $121.55 million. Analysts forecast that Bank of N.T. Butterfield & Son will post 2.73 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date of this dividend is Tuesday, August 4th.

Hedge funds and other institutional investors have recently bought and sold shares of the business. US Bancorp DE lifted its position in shares of Bank of N.T. Butterfield & Son by 18.9% during the first quarter. US Bancorp DE now owns 4,360 shares of the bank’s stock worth $74,000 after purchasing an additional 694 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Bank of N.T. Butterfield & Son by 13.0% in the first quarter. PNC Financial Services Group Inc. now owns 6,266 shares of the bank’s stock valued at $106,000 after buying an additional 721 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Bank of N.T. Butterfield & Son by 2.2% in the second quarter. Envestnet Asset Management Inc. now owns 52,761 shares of the bank’s stock valued at $1,287,000 after buying an additional 1,147 shares during the last quarter. Bailard Inc. boosted its position in Bank of N.T. Butterfield & Son by 11.1% in the first quarter. Bailard Inc. now owns 15,000 shares of the bank’s stock valued at $255,000 after buying an additional 1,500 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. purchased a new stake in Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $74,000. 67.23% of the stock is owned by institutional investors.

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 non-interest bearing deposits, as well as certificates of deposit. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

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