Bank of N.T. Butterfield & Son (NYSE:NTB) Board of Directors Approves Share Buyback Program

Bank of N.T. Butterfield & Son (NYSE:NTB) declared that its Board of Directors has initiated a stock repurchase plan on Monday, December 8th, RTT News reports. The company plans to repurchase $140.00 million in shares. This repurchase authorization authorizes the bank to buy up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their target price on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday, October 30th. Wells Fargo & Company restated an “equal weight” rating and set a $50.00 price target (down previously from $54.00) on shares of Bank of N.T. Butterfield & Son in a research note on Monday, September 29th. Finally, Zacks Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.67.

Bank of N.T. Butterfield & Son Stock Down 0.2%

NYSE:NTB traded down $0.11 during midday trading on Monday, reaching $48.96. The stock had a trading volume of 160,286 shares, compared to its average volume of 141,471. The stock has a market cap of $2.33 billion, a P/E ratio of 9.27 and a beta of 0.57. The firm has a fifty day simple moving average of $44.53 and a two-hundred day simple moving average of $44.50. Bank of N.T. Butterfield & Son has a 12-month low of $34.77 and a 12-month high of $49.49.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Tuesday, October 28th. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.30 by $0.21. The company had revenue of $153.30 million during the quarter, compared to analysts’ expectations of $147.92 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.94%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned $1.16 EPS. On average, sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were paid a $0.50 dividend. The ex-dividend date was Monday, November 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.1%. Bank of N.T. Butterfield & Son’s payout ratio is 37.88%.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.