Bank of N.T. Butterfield & Son (NYSE:NTB) Cut to Hold at Zacks Research

Bank of N.T. Butterfield & Son (NYSE:NTB) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports 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. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price target (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son presently has an average rating of “Hold” and an average price target of $50.67.

Bank of N.T. Butterfield & Son Price Performance

NYSE NTB opened at $50.09 on Monday. Bank of N.T. Butterfield & Son has a 1-year low of $34.77 and a 1-year high of $52.11. The firm has a market capitalization of $2.38 billion, a P/E ratio of 9.49 and a beta of 0.57. The business’s 50-day simple moving average is $47.36 and its 200-day simple moving average is $45.42.

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

Bank of N.T. Butterfield & Son announced that its Board of Directors has initiated a share buyback program on Monday, December 8th that allows the company to buyback $140.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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

A number of hedge funds have recently bought and sold shares of the business. Rovida Advisors Inc. purchased a new stake in Bank of N.T. Butterfield & Son during the 2nd quarter worth approximately $79,413,000. Millennium Management LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 119.4% during the 3rd quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after buying an additional 215,397 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Bank of N.T. Butterfield & Son by 420.7% during the third quarter. Assenagon Asset Management S.A. now owns 255,544 shares of the bank’s stock worth $10,968,000 after buying an additional 206,464 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in shares of Bank of N.T. Butterfield & Son by 93.1% in the third quarter. Qube Research & Technologies Ltd now owns 312,231 shares of the bank’s stock worth $13,401,000 after buying an additional 150,518 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Bank of N.T. Butterfield & Son by 10.2% in the third quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock worth $65,140,000 after buying an additional 140,041 shares during the last quarter. 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.