Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 1-Year High – Should You Buy?

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $55.97 and last traded at $55.9310, with a volume of 5457 shares traded. The stock had previously closed at $54.39.

Wall Street Analyst Weigh In

NTB has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Zacks Research raised shares of Bank of N.T. Butterfield & Son from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

The company has a market cap of $2.34 billion, a PE ratio of 10.17 and a beta of 0.51. The business’s 50-day moving average is $51.94 and its 200 day moving average is $48.65.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Monday, February 9th. The bank reported $1.54 EPS for the quarter, beating the consensus estimate of $1.46 by $0.08. The firm had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. During the same period in the prior year, the firm posted $1.34 earnings per share. Equities research analysts anticipate that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, February 23rd. Bank of N.T. Butterfield & Son’s dividend payout ratio is 36.50%.

Bank of N.T. Butterfield & Son declared that its Board of Directors has approved a stock repurchase plan on Monday, February 9th that permits the company to buyback $3.00 million in shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bell Investment Advisors Inc increased its position in shares of Bank of N.T. Butterfield & Son by 284.4% during the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after buying an additional 455 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after acquiring an additional 523 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Bank of N.T. Butterfield & Son by 234.1% during the third quarter. Jones Financial Companies Lllp now owns 959 shares of the bank’s stock worth $42,000 after acquiring an additional 672 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Bank of N.T. Butterfield & Son by 3,371.0% during the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock worth $46,000 after acquiring an additional 1,045 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in Bank of N.T. Butterfield & Son during the third quarter worth about $56,000. Hedge funds and other institutional investors 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.