Zacks Investment Research Upgrades Bank of N.T. Butterfield & Son (NYSE:NTB) to “Hold”

Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a sell rating to a hold rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

A number of other research firms have also weighed in on NTB. ValuEngine raised Bank of N.T. Butterfield & Son from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Citigroup decreased their price target on Bank of N.T. Butterfield & Son from $40.00 to $39.00 and set a buy rating on the stock in a research note on Thursday, September 26th. Wells Fargo & Co decreased their price target on Bank of N.T. Butterfield & Son from $38.00 to $35.00 and set a market perform rating on the stock in a research note on Thursday, October 24th. Finally, Raymond James decreased their price target on Bank of N.T. Butterfield & Son from $38.00 to $36.00 and set an outperform rating on the stock in a research note on Thursday, August 29th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $39.20.

NYSE NTB traded up $0.01 on Friday, reaching $34.19. 132,343 shares of the company were exchanged, compared to its average volume of 238,352. The business’s fifty day moving average price is $30.77 and its 200 day moving average price is $32.71. The stock has a market capitalization of $1.86 billion, a P/E ratio of 9.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.88. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.15. Bank of N.T. Butterfield & Son has a fifty-two week low of $26.08 and a fifty-two week high of $41.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.79 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.12). The company had revenue of $132.97 million for the quarter, compared to analyst estimates of $138.14 million. Bank of N.T. Butterfield & Son had a return on equity of 22.09% and a net margin of 32.27%. During the same period last year, the firm posted $0.88 EPS. Equities research analysts forecast that Bank of N.T. Butterfield & Son will post 3.78 earnings per share for the current year.

The firm also recently declared a dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be paid a $0.44 dividend. The ex-dividend date is Friday, November 1st.

Several institutional investors have recently made changes to their positions in NTB. Cornerstone Advisors Inc. lifted its stake in shares of Bank of N.T. Butterfield & Son by 154.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 780 shares of the bank’s stock valued at $26,000 after purchasing an additional 473 shares during the last quarter. Huntington National Bank acquired a new position in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at $39,000. SRS Capital Advisors Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at $69,000. NumerixS Investment Technologies Inc acquired a new position in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at $85,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Bank of N.T. Butterfield & Son by 35.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,529 shares of the bank’s stock valued at $120,000 after purchasing an additional 918 shares during the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Company Profile

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 deposit. 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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