Bank of N.T. Butterfield & Son’s (NTB) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a $38.00 target price on the bank’s stock, up from their prior target price of $34.00.

Several other analysts also recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a buy rating in a research report on Thursday, January 11th. Keefe, Bruyette & Woods dropped their price target on shares of 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 equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Bank of N.T. Butterfield & Son has an average rating of Moderate Buy and an average target price of $35.80.

Bank of N.T. Butterfield & Son Stock Down 0.1 %

NYSE:NTB opened at $34.10 on Thursday. The firm’s 50-day moving average price is $30.78 and its 200-day moving average price is $29.80. The company has a market capitalization of $1.71 billion, a PE ratio of 7.67 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.66 and a quick ratio of 0.63. Bank of N.T. Butterfield & Son has a 1-year low of $22.93 and a 1-year high of $34.34.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, beating the consensus estimate of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 27.95% and a return on equity of 23.18%. The company had revenue of $142.80 million for the quarter, compared to the consensus estimate of $137.28 million. During the same period in the prior year, the firm posted $1.24 EPS. Bank of N.T. Butterfield & Son’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities analysts predict that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is presently 39.55%.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several institutional investors have recently made changes to their positions in the business. Meritage Portfolio Management lifted its stake in shares of Bank of N.T. Butterfield & Son by 5.5% in the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank’s stock worth $220,000 after purchasing an additional 425 shares during the period. Denali Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 0.6% during the 3rd quarter. Denali Advisors LLC now owns 149,710 shares of the bank’s stock worth $4,054,000 after acquiring an additional 921 shares during the period. New York State Common Retirement Fund raised its stake in Bank of N.T. Butterfield & Son by 1.2% during the 3rd quarter. New York State Common Retirement Fund now owns 79,509 shares of the bank’s stock worth $2,153,000 after acquiring an additional 931 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Bank of N.T. Butterfield & Son by 5.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,896 shares of the bank’s stock worth $733,000 after acquiring an additional 1,183 shares during the period. Finally, TFO Wealth Partners LLC raised its stake 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 period. Institutional investors own 62.73% 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 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.