Bank of N.T. Butterfield & Son (NYSE:NTB) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a sell rating in a research report sent to investors on Tuesday, 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. “

Other equities research analysts also recently issued reports about the stock. Piper Sandler boosted their price objective on shares of Bank of N.T. Butterfield & Son from $27.00 to $30.00 and gave the stock an overweight rating in a research note on Friday, June 5th. ValuEngine downgraded shares of Bank of N.T. Butterfield & Son from a hold rating to a sell rating in a research note on Thursday, April 2nd. Citigroup boosted their price objective on shares of Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the stock a neutral rating in a research note on Thursday, June 18th. Wells Fargo & Co downgraded shares of Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 price objective for the company. in a research note on Tuesday, June 2nd. Finally, Raymond James boosted their price objective on shares of Bank of N.T. Butterfield & Son from $20.00 to $24.00 and gave the stock an outperform rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Bank of N.T. Butterfield & Son currently has an average rating of Hold and an average target price of $30.50.

Bank of N.T. Butterfield & Son stock opened at $23.46 on Tuesday. Bank of N.T. Butterfield & Son has a 1 year low of $13.76 and a 1 year high of $38.05. The firm has a 50 day moving average price of $23.96 and a 200 day moving average price of $26.85. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 7.57 and a beta of 2.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.69 and a current ratio of 0.69.

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

Several hedge funds and other institutional investors have recently bought and sold shares of NTB. Panagora Asset Management Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth $32,000. Rockefeller Capital Management L.P. acquired a new position in shares of Bank of N.T. Butterfield & Son during the first quarter worth $40,000. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth $42,000. Nisa Investment Advisors LLC acquired a new position in shares of Bank of N.T. Butterfield & Son during the first quarter worth $51,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth $64,000. 67.14% of the stock is currently owned by institutional investors and hedge funds.

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.

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