Bank of N.T. Butterfield & Son (NYSE:NTB) Receives "Equal Weight" Rating from Wells Fargo & Company

Key Points

• Wells Fargo & Company has restated its "equal weight" rating on Bank of N.T. Butterfield & Son (NYSE:NTB), lowering the target price from $54.00 to $50.00.
• The bank reported an earnings per share (EPS) of $1.26 for the recent quarter, exceeding analyst estimates of $1.15, with a net margin of 27.05%.
• Institutional and hedge fund investors hold 62.73% of the company's stock, reflecting a strong interest in the bank's performance.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report)'s stock had its "equal weight" rating restated by equities researchers at Wells Fargo & Company in a research note issued on Monday,Benzinga reports. They presently have a $50.00 target price on the bank's stock, down from their prior target price of $54.00. Wells Fargo & Company's target price points to a potential upside of 13.23% from the company's current price.

NTB has been the subject of a number of other research reports. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price objective (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $50.00.

Bank of N.T. Butterfield & Son Stock Down 0.1%

Bank of N.T. Butterfield & Son stock opened at $44.16 on Monday. Bank of N.T. Butterfield & Son has a 52-week low of $34.77 and a 52-week high of $46.89. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 8.87 and a beta of 0.67. The company has a fifty day simple moving average of $44.91 and a 200-day simple moving average of $42.56.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. The firm had revenue of $146.30 million during the quarter, compared to analyst estimates of $146.91 million. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, research analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

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

Several hedge funds have recently made changes to their positions in the business. Quarry LP grew its position in shares of Bank of N.T. Butterfield & Son by 8.4% during the first quarter. Quarry LP now owns 3,327 shares of the bank's stock worth $129,000 after acquiring an additional 258 shares during the last quarter. Cerity Partners LLC grew its position 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 during the last quarter. Schroder Investment Management Group grew its position in Bank of N.T. Butterfield & Son by 0.9% in the 2nd quarter. Schroder Investment Management Group now owns 57,833 shares of the bank's stock valued at $2,561,000 after buying an additional 511 shares during the last quarter. EverSource Wealth Advisors LLC grew its position 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 during the last quarter. Finally, AdvisorNet Financial Inc grew its position 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 buying an additional 560 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.