Bank of N.T. Butterfield & Son (NYSE:NTB) Announces Quarterly Earnings Results

Key Points

• Butterfield exceeded quarterly expectations, reporting earnings of $1.58 per share versus the $1.49 consensus estimate and revenue of $162.24 million compared with estimates of $160.90 million.
• NTB shares traded near $60.16, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $65.50.
• Insiders sold heavily during the quarter, including the CEO’s sale of 75,000 shares; insiders sold 295,808 shares worth approximately $18.15 million in total.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) issued its quarterly earnings data on Tuesday. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.49 by $0.09, FiscalAI reports. The business had revenue of $162.24 million during the quarter, compared to analyst estimates of $160.90 million. Bank of N.T. Butterfield & Son had a net margin of 29.34% and a return on equity of 22.43%.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NTB traded up $0.21 during mid-day trading on Tuesday, reaching $60.16. The company had a trading volume of 152,395 shares, compared to its average volume of 173,728. The firm has a 50-day moving average price of $59.21 and a 200 day moving average price of $56.46. Bank of N.T. Butterfield & Son has a 52 week low of $41.71 and a 52 week high of $64.17. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 10.57 and a beta of 0.55.

Analyst Upgrades and Downgrades

NTB has been the subject of several research reports. Wells Fargo & Company increased their target price on Bank of N.T. Butterfield & Son from $61.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 30th. Keefe, Bruyette & Woods lifted their price target on Bank of N.T. Butterfield & Son from $60.00 to $66.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.50.

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

In other Bank of N.T. Butterfield & Son news, Director Michael McWatt sold 12,000 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $61.78, for a total value of $741,360.00. Following the sale, the director directly owned 22,544 shares of the company's stock, valued at approximately $1,392,768.32. The trade was a 34.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael W. Collins sold 75,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $62.98, for a total value of $4,723,500.00. Following the completion of the sale, the chief executive officer directly owned 132,037 shares in the company, valued at approximately $8,315,690.26. This represents a 36.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 295,808 shares of company stock worth $18,154,010 over the last quarter. 1.19% of the stock is currently owned by company insiders.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a full-service bank headquartered in Hamilton, Bermuda. Founded in 1858, the company provides banking, wealth management and fiduciary services to individuals, businesses, institutions and international clients.

Butterfield's banking activities include personal and commercial deposit accounts, residential and commercial lending, credit and debit cards, cash management, foreign exchange and other financial services.

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