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

Key Points

• Bank of N.T. Butterfield & Son shares reached a new 52-week high of $62.54 and last traded at $62.07, giving the bank a market capitalization of approximately $2.61 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $63.50; Keefe, Bruyette & Woods recently raised its target to $66.
• The bank reported quarterly EPS of $1.58 and revenue of $159 million, while declaring a $0.50 quarterly dividend—equivalent to a 3.2% yield. Institutional investors own 62.73% of the company, although insiders sold shares worth about $7.4 million over the past quarter.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $62.54 and last traded at $62.07, with a volume of 3874 shares traded. The stock had previously closed at $62.11.

Analysts Set New Price Targets

NTB has been the subject of several recent research reports. Weiss Ratings reissued a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, July 2nd. Wells Fargo & Company lifted their price objective on Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the stock an "equal weight" rating in a report on Monday, June 8th. Keefe, Bruyette & Woods lifted their price objective on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the stock a "market perform" rating in a report on Monday. Finally, Zacks Research lowered Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.50.

Bank of N.T. Butterfield & Son Stock Performance

The stock's 50-day moving average price is $59.49 and its two-hundred day moving average price is $55.43. The stock has a market capitalization of $2.61 billion, a PE ratio of 10.94 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The bank reported $1.58 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%. The company had revenue of $159.00 million during the quarter. On average, analysts predict that Bank of N.T. Butterfield & Son Limited will post 6.25 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. Bank of N.T. Butterfield & Son's dividend payout ratio is presently 35.15%.

Insider Activity at Bank of N.T. Butterfield & Son

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of Bank of N.T. Butterfield & Son stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer owned 60,622 shares in the company, valued at approximately $3,562,754.94. The trade was a 25.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark T. Lynch bought 10,000 shares of the business's stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $56.49 per share, for a total transaction of $564,900.00. Following the completion of the purchase, the director owned 234,794 shares of the company's stock, valued at approximately $13,263,513.06. The trade was a 4.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 123,392 shares of company stock worth $7,394,587 over the last quarter. 1.19% of the stock is currently owned by company insiders.

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

Several institutional investors have recently bought and sold shares of NTB. EverSource Wealth Advisors LLC raised its holdings in Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock worth $34,000 after buying an additional 523 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Bank of N.T. Butterfield & Son by 3,371.0% during the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank's stock valued at $46,000 after buying an additional 1,045 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the third quarter valued at approximately $56,000. Los Angeles Capital Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $67,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter valued at approximately $114,000. 62.73% of the stock is owned by hedge funds and other institutional investors.

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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