Keefe, Bruyette & Woods Lowers Bank of N.T. Butterfield & Son (NYSE:NTB) to Market Perform

Keefe, Bruyette & Woods cut shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from an outperform rating to a market perform rating in a research note released on Wednesday morning, Marketbeat reports. The brokerage currently has $41.00 target price on the bank’s stock, down from their previous target price of $44.00.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company increased their price target on shares of Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an overweight rating in a report on Friday, July 26th. The Goldman Sachs Group increased 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 research note on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $39.60.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB opened at $36.44 on Wednesday. Bank of N.T. Butterfield & Son has a 52-week low of $24.62 and a 52-week high of $40.55. The stock has a fifty day moving average of $36.81 and a 200 day moving average of $35.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 8.19 and a beta of 1.18.

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

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a $0.44 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.83%. Bank of N.T. Butterfield & Son’s dividend payout ratio (DPR) is 39.55%.

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

Large investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC bought a new position in shares of Bank of N.T. Butterfield & Son during the first quarter valued at about $44,000. Meeder Asset Management Inc. purchased a new position in Bank of N.T. Butterfield & Son in the 2nd quarter worth approximately $56,000. TFO Wealth Partners LLC lifted its position in Bank of N.T. Butterfield & Son by 18,890.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock valued at $61,000 after purchasing an additional 1,889 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter valued at approximately $63,000. Finally, Blue Trust Inc. bought a new position in shares of Bank of N.T. Butterfield & Son in the second quarter worth approximately $138,000. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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 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.