Wells Fargo & Company Raises Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target to $43.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its price objective raised by Wells Fargo & Company from $40.00 to $43.00 in a research note published on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

Several other equities analysts have also weighed in on NTB. Piper Sandler restated an overweight rating and set a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. The Goldman Sachs Group raised their target price on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a buy rating in a report on Thursday, July 11th. Finally, Raymond James restated an outperform rating and set a $36.00 target price (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday, April 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of N.T. Butterfield & Son currently has a consensus rating of Moderate Buy and an average price target of $39.40.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB opened at $38.67 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. Bank of N.T. Butterfield & Son has a 1 year low of $24.62 and a 1 year high of $40.55. The business has a fifty day simple moving average of $35.32 and a 200 day simple moving average of $32.80. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 8.69 and a beta of 1.20.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Monday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.04. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The business had revenue of $143.10 million during the quarter, compared to analyst estimates of $139.75 million. During the same period last year, the company earned $1.14 earnings per share. Bank of N.T. Butterfield & Son’s quarterly revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of N.T. Butterfield & Son will post 4.55 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a $0.44 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.55%. Bank of N.T. Butterfield & Son’s payout ratio is presently 39.55%.

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

Institutional investors have recently made changes to their positions in the business. Trexquant Investment LP bought a new position in shares of Bank of N.T. Butterfield & Son in the fourth quarter worth about $903,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Bank of N.T. Butterfield & Son by 66.7% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock worth $21,320,000 after purchasing an additional 266,450 shares during the period. Jennison Associates LLC bought a new position in shares of Bank of N.T. Butterfield & Son in the first quarter worth about $977,000. Dimensional Fund Advisors LP increased its stake in shares of Bank of N.T. Butterfield & Son by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock worth $46,534,000 after purchasing an additional 25,383 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 4.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 110,053 shares of the bank’s stock worth $3,523,000 after purchasing an additional 4,377 shares during the period. 62.73% of the stock is currently owned by institutional investors.

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.