Bank of N.T. Butterfield & Son (NYSE:NTB) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) issued its quarterly earnings results on Tuesday. The bank reported $1.55 EPS for the quarter, topping the consensus estimate of $1.40 by $0.15, FiscalAI reports. The firm had revenue of $93.29 million during the quarter, compared to analysts’ expectations of $150.35 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.30 earnings per share.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB opened at $56.19 on Wednesday. The company’s 50-day moving average is $52.97 and its two-hundred day moving average is $50.03. Bank of N.T. Butterfield & Son has a 1-year low of $39.74 and a 1-year high of $57.84. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 10.25 and a beta of 0.51.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 27th. Shareholders of record on Wednesday, May 13th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.6%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 36.50%.

Bank of N.T. Butterfield & Son announced that its board has initiated a stock buyback program 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. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lifted their target price 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 research note on Thursday, February 12th. 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, April 6th. Zacks Research cut shares of Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Keefe, Bruyette & Woods raised their target price 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 research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd purchased a new stake in Bank of N.T. Butterfield & Son in the fourth quarter valued at $295,000. Focus Partners Advisor Solutions LLC raised its holdings in Bank of N.T. Butterfield & Son by 19.2% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 5,603 shares of the bank’s stock valued at $279,000 after buying an additional 904 shares during the period. Harvest Investment Services LLC acquired a new position in Bank of N.T. Butterfield & Son in the third quarter valued at about $267,000. CIBC Bancorp USA Inc. acquired a new position in Bank of N.T. Butterfield & Son in the third quarter valued at about $265,000. Finally, Kovack Advisors Inc. purchased a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth about $246,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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.