The Bank of N.T. Butterfield & Son Limited (NYSE:NTB - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $34.00 and last traded at $33.78, with a volume of 46233 shares trading hands. The stock had previously closed at $33.66.
The bank reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.21. Bank of N.T. Butterfield & Son had a net margin of 29.60% and a return on equity of 23.40%. The firm had revenue of $142.80 million for the quarter, compared to the consensus estimate of $137.28 million. During the same quarter last year, the firm posted $1.24 EPS. The business's quarterly revenue was down 2.9% compared to the same quarter last year.
Bank of N.T. Butterfield & Son Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son's payout ratio is 39.55%.
Analyst Upgrades and Downgrades
NTB has been the subject of a number of recent research reports. Piper Sandler reissued an "overweight" rating and issued a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. The Goldman Sachs Group upped their price objective on shares of Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, January 11th. Keefe, Bruyette & Woods decreased their price target on shares of Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, February 14th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of "Moderate Buy" and a consensus target price of $35.80.
Check Out Our Latest Report on NTB
Hedge Funds Weigh In On Bank of N.T. Butterfield & Son
Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in Bank of N.T. Butterfield & Son by 635.5% during the first quarter. Assenagon Asset Management S.A. now owns 152,896 shares of the bank's stock worth $4,891,000 after purchasing an additional 132,107 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $276,000. Mendon Capital Advisors Corp acquired a new stake in Bank of N.T. Butterfield & Son during the fourth quarter worth approximately $7,202,000. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 65.8% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 16,425 shares of the bank's stock valued at $526,000 after purchasing an additional 6,521 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in shares of Bank of N.T. Butterfield & Son by 18,890.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank's stock valued at $61,000 after purchasing an additional 1,889 shares during the last quarter. Institutional investors and hedge funds own 62.73% of the company's stock.
Bank of N.T. Butterfield & Son Stock Performance
The stock's fifty day simple moving average is $30.78 and its two-hundred day simple moving average is $29.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 7.67 and a beta of 1.29.
About Bank of N.T. Butterfield & Son
(
Get Free Report)
The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.
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