Bank of N.T. Butterfield & Son (NYSE:NTB) Issues Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Bank of N.T. Butterfield & Son reported $1.26 earnings per share for the quarter, beating estimates by $0.07.
• The bank's stock rose 0.3% to $44.49, with a market cap of $2.11 billion and strong financial metrics including a net margin of 26.54%.
• Analysts from major brokerages have raised target price estimates for the stock, with Wells Fargo setting a new target of $54.00.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) released its quarterly earnings results on Monday. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11, Zacks reports. 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 the consensus estimate of $146.91 million. During the same quarter last year, the firm earned $1.09 earnings per share.

Bank of N.T. Butterfield & Son Trading Down 2.0%

Shares of NYSE NTB traded down $0.93 during midday trading on Friday, hitting $44.59. The company's stock had a trading volume of 20,184 shares, compared to its average volume of 177,335. The stock has a fifty day moving average price of $44.20 and a 200 day moving average price of $40.54. Bank of N.T. Butterfield & Son has a one year low of $33.04 and a one year high of $46.89. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 8.95 and a beta of 0.64.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be given a $0.50 dividend. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is presently 35.34%.

Analyst Ratings Changes

Several research firms have recently weighed in on NTB. Raymond James Financial reiterated an "outperform" rating and set a $50.00 price objective (up from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods lifted 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. Finally, Wells Fargo & Company raised their price target on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th.

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

A hedge fund recently raised its stake in Bank of N.T. Butterfield & Son stock. Jane Street Group LLC grew its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 80.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,537 shares of the bank's stock after buying an additional 31,420 shares during the period. Jane Street Group LLC owned approximately 0.15% of Bank of N.T. Butterfield & Son worth $2,745,000 at the end of the most recent reporting period. Hedge funds and other institutional investors 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.