Bank of N.T. Butterfield & Son (NYSE:NTB) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Bank of N.T. Butterfield & Son (NTB) from "strong-buy" to "hold," while the consensus across analysts remains a "Moderate Buy" with an average price target of $55 and recent target increases from Keefe Bruyette & Woods and Wells Fargo.
• NTB beat quarterly estimates with $1.54 EPS (vs. $1.46 est.) and $158.9M revenue, and the stock trades at a P/E of 10.21 with a market cap of about $2.35 billion and a 12‑month high near $56.62.
• The board authorized a $3.0 million share repurchase, and institutional investors own roughly 62.7% of the company, with firms like Invesco and Jane Street recently increasing their stakes.

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

A number of other research firms have also recently commented on NTB. Keefe, Bruyette & Woods increased their target price on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the stock a "market perform" rating in a report on Wednesday, February 11th. Wells Fargo & Company increased their target price on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an "equal weight" rating in a report on Thursday, February 12th. Finally, Weiss Ratings raised shares of Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son currently has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Bank of N.T. Butterfield & Son Trading Down 0.7%

NTB stock opened at $55.95 on Monday. The stock has a market capitalization of $2.35 billion, a P/E ratio of 10.21 and a beta of 0.51. Bank of N.T. Butterfield & Son has a 12 month low of $36.42 and a 12 month high of $56.62. The firm has a 50-day moving average price of $52.34 and a 200-day moving average price of $49.06.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last posted its earnings results on Monday, February 9th. The bank reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.08. The firm had revenue of $158.90 million during the quarter, compared to analysts' expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. During the same quarter in the prior year, the business earned $1.34 earnings per share. As a group, equities analysts predict that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

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

Institutional Trading of Bank of N.T. Butterfield & Son

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NTB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bank of N.T. Butterfield & Son by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank's stock valued at $1,027,000 after purchasing an additional 1,148 shares during the period. Jane Street Group LLC increased its position in Bank of N.T. Butterfield & Son by 80.3% during the 1st quarter. Jane Street Group LLC now owns 70,537 shares of the bank's stock valued at $2,745,000 after purchasing an additional 31,420 shares during the period. Prudential Financial Inc. acquired a new stake in Bank of N.T. Butterfield & Son during the 2nd quarter valued at approximately $243,000. Invesco Ltd. increased its position in Bank of N.T. Butterfield & Son by 3.8% during the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank's stock valued at $40,622,000 after purchasing an additional 33,657 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after purchasing an additional 523 shares during the period. Institutional investors and hedge funds own 62.73% of the company's stock.

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.

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