TheStreet Downgrades Bank of N.T. Butterfield & Son (NTB) to C

Bank of N.T. Butterfield & Son (NYSE:NTB) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c” rating in a research note issued on Wednesday.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Friday, July 13th. Raymond James reiterated a “buy” rating on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 24th. Finally, Wells Fargo & Co reiterated a “buy” rating and set a $45.00 price objective on shares of Bank of N.T. Butterfield & Son in a research note on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.50.

NYSE:NTB traded down $0.20 during trading hours on Wednesday, reaching $41.34. 153,914 shares of the company traded hands, compared to its average volume of 655,624. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.94 and a beta of 1.60. Bank of N.T. Butterfield & Son has a 1 year low of $35.65 and a 1 year high of $53.63. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.16.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Wednesday, October 24th. The bank reported $0.90 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.05). The company had revenue of $129.55 million for the quarter, compared to analysts’ expectations of $132.36 million. Bank of N.T. Butterfield & Son had a net margin of 35.65% and a return on equity of 22.33%. As a group, equities research analysts predict that Bank of N.T. Butterfield & Son will post 3.53 EPS for the current year.

Several hedge funds have recently bought and sold shares of NTB. Manning & Napier Group LLC purchased a new position in shares of Bank of N.T. Butterfield & Son in the third quarter worth $31,164,000. Millennium Management LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 238.4% in the second quarter. Millennium Management LLC now owns 711,794 shares of the bank’s stock worth $32,543,000 after acquiring an additional 501,431 shares during the period. American Century Companies Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 241.7% in the second quarter. American Century Companies Inc. now owns 349,104 shares of the bank’s stock worth $15,961,000 after acquiring an additional 246,941 shares during the period. BlackRock Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 7.4% in the second quarter. BlackRock Inc. now owns 2,540,108 shares of the bank’s stock worth $116,134,000 after acquiring an additional 174,380 shares during the period. Finally, Grandeur Peak Global Advisors LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 38.5% in the second quarter. Grandeur Peak Global Advisors LLC now owns 612,551 shares of the bank’s stock worth $28,006,000 after acquiring an additional 170,425 shares during the period. Hedge funds and other institutional investors own 74.11% of the company’s stock.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and non-interest bearing deposits, as well as certificates of deposits. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

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Analyst Recommendations for Bank of N.T. Butterfield & Son (NYSE:NTB)

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