Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $39.00 target price 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. “

Bank of N.T. Butterfield & Son Limited (NYSE NTB) opened at 36.57 on Tuesday. The company has a 50-day moving average of $33.42 and a 200 day moving average of $33.40. Bank of N.T. Butterfield & Son Limited has a 12-month low of $23.75 and a 12-month high of $36.62. The stock has a market cap of $2.00 billion and a price-to-earnings ratio of 23.86.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.67 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.67. The business had revenue of $110.16 million during the quarter, compared to analysts’ expectations of $109.32 million. Bank of N.T. Butterfield & Son Limited (The) had a return on equity of 17.93% and a net margin of 19.54%. Equities analysts anticipate that Bank of N.T. Butterfield & Son Limited will post $2.76 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which was paid on Monday, August 28th. Investors of record on Monday, August 14th were paid a $0.32 dividend. The ex-dividend date was Thursday, August 10th. This represents a $1.28 annualized dividend and a dividend yield of 3.50%. Bank of N.T. Butterfield & Son Limited (The)’s payout ratio is 84.21%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. grew its stake in shares of Bank of N.T. Butterfield & Son Limited (The) by 376.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,723 shares of the bank’s stock valued at $161,000 after buying an additional 3,732 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Bank of N.T. Butterfield & Son Limited (The) by 290.6% in the 2nd quarter. California State Teachers Retirement System now owns 95,300 shares of the bank’s stock worth $3,250,000 after purchasing an additional 70,900 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Bank of N.T. Butterfield & Son Limited (The) by 349.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,646 shares of the bank’s stock worth $1,318,000 after purchasing an additional 30,055 shares during the last quarter. Southpoint Capital Advisors LP lifted its holdings in Bank of N.T. Butterfield & Son Limited (The) by 28.9% in the 2nd quarter. Southpoint Capital Advisors LP now owns 1,200,000 shares of the bank’s stock worth $40,920,000 after purchasing an additional 268,861 shares during the last quarter. Finally, State Street Corp lifted its holdings in Bank of N.T. Butterfield & Son Limited (The) by 340.7% in the 2nd quarter. State Street Corp now owns 859,224 shares of the bank’s stock worth $29,300,000 after purchasing an additional 664,249 shares during the last quarter. 71.06% of the stock is owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son Limited (The)

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank’s geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services.

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Analyst Recommendations for Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB)

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