Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High - Here's What Happened

Key Points

• Reached a new 52‑week high: NTB traded as high as $56.88 and last at $57.0050 on Friday (up ~2.6%) on 9,460 shares.
• Quarterly beat and strong profitability: The bank reported EPS of $1.54 vs $1.46 expected and revenue of $158.9M vs $153.5M, with a 21.72% ROE and 29% net margin.
• Shareholder returns: Butterfield pays a $0.50 quarterly dividend (annualized $2.00, ~3.5% yield, 36.5% payout ratio) and authorized a $3.0M share buyback program.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $56.88 and last traded at $57.0050, with a volume of 9460 shares trading hands. The stock had previously closed at $55.98.

Wall Street Analyst Weigh In

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

Bank of N.T. Butterfield & Son Trading Up 2.6%

The stock has a 50-day simple moving average of $52.47 and a 200-day simple moving average of $49.15. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 10.47 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 21.72% and a net margin of 29.00%.The company had revenue of $158.90 million for the quarter, compared to analyst estimates of $153.49 million. During the same period in the prior year, the company posted $1.34 EPS. On average, research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, February 23rd. Bank of N.T. Butterfield & Son's payout ratio is 36.50%.

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

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

A number of institutional investors have recently made changes to their positions in the company. Diversified Trust Co increased its holdings in shares of Bank of N.T. Butterfield & Son by 132.4% in the 1st quarter. Diversified Trust Co now owns 11,130 shares of the bank's stock valued at $584,000 after acquiring an additional 6,340 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Bank of N.T. Butterfield & Son by 824.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,134 shares of the bank's stock valued at $156,000 after acquiring an additional 2,795 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Bank of N.T. Butterfield & Son by 6.3% in the 4th quarter. Invesco Ltd. now owns 1,026,549 shares of the bank's stock valued at $51,143,000 after acquiring an additional 60,796 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Bank of N.T. Butterfield & Son by 28.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 12,137 shares of the bank's stock worth $605,000 after buying an additional 2,678 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Bank of N.T. Butterfield & Son by 10.8% during the 4th quarter. Empowered Funds LLC now owns 171,835 shares of the bank's stock worth $8,561,000 after buying an additional 16,789 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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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