Bank of N.T. Butterfield & Son (NYSE:NTB) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a sell rating to a hold rating in a report released on Tuesday morning, 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 equities analysts have also recently commented on NTB. Wells Fargo & Co cut Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 price target for the company. in a report on Tuesday, June 2nd. Piper Sandler boosted their price target on Bank of N.T. Butterfield & Son from $27.00 to $30.00 and gave the stock an overweight rating in a report on Friday, June 5th. ValuEngine cut Bank of N.T. Butterfield & Son from a hold rating to a sell rating in a report on Thursday, April 2nd. Raymond James boosted their price target on Bank of N.T. Butterfield & Son from $20.00 to $24.00 and gave the stock an outperform rating in a report on Monday, May 4th. Finally, Citigroup boosted their price target on Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the stock a neutral rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Bank of N.T. Butterfield & Son currently has a consensus rating of Hold and an average price target of $30.50.

Shares of NYSE NTB opened at $23.37 on Tuesday. The stock has a market capitalization of $1.26 billion, a PE ratio of 7.54 and a beta of 2.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.69 and a quick ratio of 0.69. The business has a fifty day moving average price of $23.65 and a two-hundred day moving average price of $27.25. Bank of N.T. Butterfield & Son has a fifty-two week low of $13.76 and a fifty-two week high of $38.05.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. Bank of N.T. Butterfield & Son had a return on equity of 19.49% and a net margin of 28.53%. The firm had revenue of $129.40 million during the quarter, compared to analysts’ expectations of $133.22 million. During the same period in the previous year, the firm earned $0.95 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities analysts expect that Bank of N.T. Butterfield & Son will post 2.65 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 14th were given a dividend of $0.44 per share. The ex-dividend date was Wednesday, May 13th. This represents a $1.76 dividend on an annualized basis and a yield of 7.53%.

A number of hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its position in Bank of N.T. Butterfield & Son by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,545 shares of the bank’s stock worth $204,000 after acquiring an additional 382 shares during the last quarter. US Bancorp DE grew its position in Bank of N.T. Butterfield & Son by 18.9% during the 1st quarter. US Bancorp DE now owns 4,360 shares of the bank’s stock worth $74,000 after acquiring an additional 694 shares during the last quarter. Amalgamated Bank grew its position in Bank of N.T. Butterfield & Son by 9.6% during the 4th quarter. Amalgamated Bank now owns 9,371 shares of the bank’s stock worth $347,000 after acquiring an additional 823 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth $32,000. Finally, Chevy Chase Trust Holdings Inc. bought a new stake in Bank of N.T. Butterfield & Son during the 4th quarter worth $42,000. Institutional investors and hedge funds own 67.14% 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 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.

Featured Article: Balanced Fund

Get a free copy of the Zacks research report on Bank of N.T. Butterfield & Son (NTB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Bank of N.T. Butterfield & Son (NYSE:NTB)

Receive News & Ratings for Bank of N.T. Butterfield & Son Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of N.T. Butterfield & Son and related companies with MarketBeat.com's FREE daily email newsletter.