Bank of N.T. Butterfield & Son (NYSE:NTB) Given New $57.00 Price Target at Wells Fargo & Company

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target hoisted by equities research analysts at Wells Fargo & Company from $50.00 to $57.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.88% from the company’s previous close.

NTB has been the topic of several other reports. Keefe, Bruyette & Woods upped their price target on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Finally, Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.00.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB traded up $0.08 during trading hours on Thursday, hitting $53.33. 8,353 shares of the stock traded hands, compared to its average volume of 156,401. Bank of N.T. Butterfield & Son has a 1 year low of $34.85 and a 1 year high of $55.84. The stock has a 50 day moving average price of $50.88 and a 200 day moving average price of $46.76.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. The firm had revenue of $158.90 million for the quarter, compared to the consensus estimate of $153.49 million. During the same quarter in the previous year, the firm earned $1.34 earnings per share. 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 declared that its Board of Directors has initiated a stock buyback program on Monday, December 8th that allows the company to buyback $140.00 million in shares. This buyback authorization allows the bank to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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

Several hedge funds have recently bought and sold shares of the stock. Bell Investment Advisors Inc increased its stake in shares of Bank of N.T. Butterfield & Son by 284.4% in the 3rd quarter. Bell Investment Advisors Inc now owns 615 shares of the bank’s stock valued at $26,000 after purchasing an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in 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 during the last quarter. Jones Financial Companies Lllp increased its position in shares of 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 purchasing an additional 672 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of 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 purchasing an additional 1,045 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in Bank of N.T. Butterfield & Son in the 3rd quarter valued at $56,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Company Profile

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.