Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 1-Year High on Earnings Beat

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares traded. The stock had previously closed at $33.66.

The bank reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a return on equity of 23.40% and a net margin of 29.60%. The company had revenue of $142.80 million for the quarter, compared to analysts’ expectations of $137.28 million. During the same quarter in the previous year, the firm posted $1.24 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.55%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Piper Sandler reissued an “overweight” rating and set a $38.00 price target (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a research note on Thursday. The Goldman Sachs Group increased their price target on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Keefe, Bruyette & Woods dropped their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.40.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC grew its position in Bank of N.T. Butterfield & Son by 18,890.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after acquiring an additional 1,889 shares during the last quarter. Meritage Portfolio Management boosted its stake in Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after acquiring an additional 425 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Bank of N.T. Butterfield & Son by 304.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 8,636 shares of the bank’s stock worth $234,000 after acquiring an additional 6,500 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Bank of N.T. Butterfield & Son during the 3rd quarter worth approximately $268,000. Finally, Quadrature Capital Ltd acquired a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth approximately $276,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Stock Up 0.4 %

The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 7.56 and a beta of 1.29. The stock’s fifty day moving average price is $30.72 and its 200-day moving average price is $29.77.

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 interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.