Bank of N.T. Butterfield & Son (NYSE:NTB) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Bank of N.T. Butterfield & Son has been upgraded to a "strong-buy" rating by Zacks Research, signaling increased confidence among analysts regarding the company's potential.
• The stock's price target has been adjusted to $50.00 by several analysts, reflecting optimistic projections for its performance.
• Recent financial results show that the bank reported $1.26 EPS for the last quarter, exceeding expectations and indicating a strong financial position.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

NTB has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price target on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Wells Fargo & Company reissued an "equal weight" rating and issued a $50.00 price objective (down from $54.00) on shares of Bank of N.T. Butterfield & Son in a research report on Monday, September 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of N.T. Butterfield & Son in a research report on Wednesday. Finally, Raymond James Financial reiterated an "outperform" rating and set a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.00.

Bank of N.T. Butterfield & Son Trading Up 0.4%

Shares of NYSE NTB opened at $42.24 on Tuesday. The stock has a fifty day simple moving average of $44.47 and a 200-day simple moving average of $42.73. Bank of N.T. Butterfield & Son has a twelve month low of $34.77 and a twelve month high of $46.89. The stock has a market capitalization of $2.01 billion, a PE ratio of 8.48 and a beta of 0.61.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. The business had revenue of $146.30 million for the quarter, compared to analysts' expectations of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same quarter in the prior year, the company earned $1.09 earnings per share. On average, equities analysts predict that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

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

A number of hedge funds have recently modified their holdings of NTB. USA Financial Formulas acquired a new position in Bank of N.T. Butterfield & Son in the second quarter valued at $27,000. EverSource Wealth Advisors LLC increased its stake in shares of Bank of N.T. Butterfield & Son by 204.3% during the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock worth $34,000 after acquiring an additional 523 shares during the period. AdvisorNet Financial Inc boosted its holdings in Bank of N.T. Butterfield & Son by 207.4% in the 2nd quarter. AdvisorNet Financial Inc now owns 830 shares of the bank's stock valued at $37,000 after purchasing an additional 560 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Bank of N.T. Butterfield & Son by 216.7% in the 1st quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock valued at $52,000 after buying an additional 921 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Bank of N.T. Butterfield & Son by 29.4% during the second quarter. California State Teachers Retirement System now owns 2,717 shares of the bank's stock worth $120,000 after acquiring an additional 617 shares during the period. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.

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