Bank of N.T. Butterfield & Son (NYSE:NTB) Sets New 52-Week High - Time to Buy?

Key Points

• Bank of N.T. Butterfield & Son hit a new 52-week high, trading as high as $58.20, reflecting strong recent momentum in the stock.
• Analyst views are mixed but generally constructive: the stock has a Moderate Buy consensus rating, with several firms recently raising price targets, though some ratings were downgraded to hold/equal weight.
• The bank continues to support shareholders with a $0.50 quarterly dividend and a recently announced $3 million share repurchase plan; a director also bought 10,000 shares in late May.

Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Get Free Report)'s share price reached a new 52-week high on Friday . The stock traded as high as $58.20 and last traded at $58.13, with a volume of 41515 shares trading hands. The stock had previously closed at $57.57.

Analysts Set New Price Targets

Several research firms have weighed in on NTB. Weiss Ratings upgraded shares of Bank of N.T. Butterfield & Son from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, April 6th. Wells Fargo & Company increased their price target 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 research note on Thursday, February 12th. Keefe, Bruyette & Woods increased their price target 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 research note on Wednesday, February 11th. Finally, Zacks Research lowered shares of Bank of N.T. Butterfield & Son from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son has a consensus rating of "Moderate Buy" and a consensus price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

The business's 50 day moving average is $55.36 and its 200-day moving average is $52.15. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 10.02 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, March 31st. The bank reported $1.55 earnings per share for the quarter. The firm had revenue of $155.93 million during the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. Equities research analysts forecast that Bank of N.T. Butterfield & Son Limited will post 6.1 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, May 13th. Bank of N.T. Butterfield & Son's dividend payout ratio (DPR) is presently 34.60%.

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

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

In other news, Director Mark T. Lynch purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $56.49 per share, with a total value of $564,900.00. Following the acquisition, the director directly owned 234,794 shares of the company's stock, valued at approximately $13,263,513.06. This trade represents a 4.45% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.19% of the stock is owned by corporate insiders.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG increased its position in Bank of N.T. Butterfield & Son by 380.1% in the 4th quarter. UBS Group AG now owns 196,771 shares of the bank's stock valued at $9,803,000 after acquiring an additional 155,784 shares in the last quarter. Tudor Investment Corp ET AL increased its position in Bank of N.T. Butterfield & Son by 16.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 134,841 shares of the bank's stock valued at $5,787,000 after acquiring an additional 19,327 shares in the last quarter. Quantbot Technologies LP increased its position in Bank of N.T. Butterfield & Son by 97.5% in the 3rd quarter. Quantbot Technologies LP now owns 24,895 shares of the bank's stock valued at $1,068,000 after acquiring an additional 12,290 shares in the last quarter. LSV Asset Management increased its position in Bank of N.T. Butterfield & Son by 26.5% in the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank's stock valued at $41,048,000 after acquiring an additional 172,666 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Bank of N.T. Butterfield & Son by 10.2% in the 3rd quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank's stock valued at $65,140,000 after acquiring an additional 140,041 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.

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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