Bank of N.T. Butterfield & Son (NYSE:NTB) Issues Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Key Points

• Bank of N.T. Butterfield reported quarterly EPS of $1.55, beating estimates by $0.15, but revenue missed at $93.29 million versus $150.35 million expected; the bank posted a ROE of 21.72% and a net margin of 29.00%.
• The firm paid a quarterly dividend of $0.50 (annualized $2.00, yield 3.6%) and its board authorized a $3.0 million share buyback, with a payout ratio of 36.5%.
• Shares traded at $56.19 (52-week range $39.74–$57.84) with a market cap of $2.36 billion and a P/E of 10.25; analysts hold a consensus "Moderate Buy" rating and a $55.00 target after recent target increases.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.15, FiscalAI reports. The firm had revenue of $93.29 million for the quarter, compared to analysts' expectations of $150.35 million. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.

Bank of N.T. Butterfield & Son Stock Performance

NTB traded up $0.36 during trading on Tuesday, reaching $56.19. The company's stock had a trading volume of 109,780 shares, compared to its average volume of 162,476. Bank of N.T. Butterfield & Son has a 52-week low of $39.74 and a 52-week high of $57.84. The company's fifty day moving average price is $52.90 and its 200-day moving average price is $49.93. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 10.25 and a beta of 0.51.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, February 23rd. Bank of N.T. Butterfield & Son's payout ratio is currently 36.50%.

Analysts Set New Price Targets

NTB has been the topic of several recent research reports. Zacks Research cut Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Weiss Ratings upgraded Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, April 6th. Keefe, Bruyette & Woods boosted their price target on Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a "market perform" rating in a research report on Wednesday, February 11th. Finally, Wells Fargo & Company boosted their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

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

Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. lifted its stake in Bank of N.T. Butterfield & Son by 5.6% in the 3rd quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank's stock valued at $264,000 after buying an additional 328 shares in the last quarter. Cerity Partners LLC lifted its stake in Bank of N.T. Butterfield & Son by 3.2% in the 2nd quarter. Cerity Partners LLC now owns 14,779 shares of the bank's stock valued at $654,000 after buying an additional 457 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after buying an additional 523 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Bank of N.T. Butterfield & Son by 2.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 23,952 shares of the bank's stock valued at $1,193,000 after buying an additional 532 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Bank of N.T. Butterfield & Son by 1.6% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 33,833 shares of the bank's stock valued at $1,686,000 after buying an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company's stock.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a share buyback plan on Monday, February 9th that allows the company to repurchase $3.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

About Bank of N.T. Butterfield & Son

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.