Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High - Here's What Happened

Key Points

• Bank of N.T. Butterfield & Son hit a new 52-week high on Monday, trading as high as $59.37 before closing near $58.98.
• Analyst views are mixed: Zacks downgraded the stock to hold, while Wells Fargo raised its price target to $61 and maintained an equal weight rating. MarketBeat’s consensus remains Moderate Buy with a $56.33 target.
• The bank reported strong recent fundamentals, including $1.55 EPS last quarter and a 3.4% dividend yield from its $0.50 quarterly payout, while insider trading showed a director buying shares and the CEO selling a portion of his stake.

Shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $59.37 and last traded at $58.9750, with a volume of 10066 shares trading hands. The stock had previously closed at $58.58.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Zacks Research downgraded shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, April 6th. Finally, Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.33.

Bank of N.T. Butterfield & Son Trading Down 0.3%

The company's 50-day moving average is $56.55 and its 200-day moving average is $53.11. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 10.11 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.55 EPS for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The business had revenue of $155.93 million during the quarter. Equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Wednesday, May 13th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, May 13th. Bank of N.T. Butterfield & Son's dividend payout ratio is currently 34.60%.

Insider Activity

In other Bank of N.T. Butterfield & Son news, Director Mark T. Lynch bought 10,000 shares of the firm's stock in a transaction on Friday, May 29th. The shares were purchased at an average price of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the transaction, the director directly owned 234,794 shares in the company, valued at approximately $13,263,513.06. The trade was a 4.45% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total value of $1,211,896.17. Following the completion of the transaction, the chief executive officer owned 60,622 shares in the company, valued at approximately $3,562,754.94. This represents a 25.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 60,621 shares of company stock worth $3,557,496 over the last ninety days. 1.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Seelaus Asset Management LLC increased its position in Bank of N.T. Butterfield & Son by 4.1% in the 4th quarter. Seelaus Asset Management LLC now owns 6,275 shares of the bank's stock valued at $313,000 after acquiring an additional 250 shares during the period. Raymond James Financial Inc. grew its stake in shares of Bank of N.T. Butterfield & Son by 5.6% in the third quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank's stock worth $264,000 after purchasing an additional 328 shares during the last quarter. Bell Investment Advisors Inc grew its stake in shares of Bank of N.T. Butterfield & Son by 284.4% in the third quarter. Bell Investment Advisors Inc now owns 615 shares of the bank's stock worth $26,000 after purchasing an additional 455 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Bank of N.T. Butterfield & Son by 33.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,802 shares of the bank's stock valued at $95,000 after purchasing an additional 456 shares during the period. Finally, Cerity Partners LLC raised its position in Bank of N.T. Butterfield & Son by 3.2% during the 2nd quarter. Cerity Partners LLC now owns 14,779 shares of the bank's stock worth $654,000 after purchasing an additional 457 shares during the last quarter. 62.73% of the stock is owned by institutional investors.

Bank of N.T. Butterfield & Son Company Profile

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank's core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.

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