Raymond James Reiterates "Outperform" Rating for Bank of N.T. Butterfield & Son (NYSE:NTB)

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report)'s stock had its "outperform" rating reissued by Raymond James in a report released on Thursday, Benzinga reports. They presently have a $36.00 price target on the bank's stock, up from their previous price target of $32.00. Raymond James' price objective would indicate a potential upside of 5.51% from the company's current price.

A number of other analysts have also recently issued reports on NTB. Keefe, Bruyette & Woods dropped their price objective on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, February 14th. Piper Sandler reissued an "overweight" rating and set a $38.00 price objective (up previously from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. Finally, The Goldman Sachs Group raised their price target on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, January 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son currently has an average rating of "Moderate Buy" and an average target price of $35.80.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB traded up $0.46 during trading on Thursday, reaching $34.12. 307,543 shares of the stock traded hands, compared to its average volume of 213,419. Bank of N.T. Butterfield & Son has a 52-week low of $22.93 and a 52-week high of $34.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The company has a 50-day moving average of $30.72 and a 200-day moving average of $29.77. The stock has a market capitalization of $1.71 billion, a P/E ratio of 7.60 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.21. The business had revenue of $142.80 million for the quarter, compared to analysts' expectations of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.40% and a net margin of 29.60%. The firm's quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 EPS. Analysts forecast that Bank of N.T. Butterfield & Son will post 4.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of N.T. Butterfield & Son

Several institutional investors have recently modified their holdings of NTB. SG Americas Securities LLC bought a new position in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $384,000. Denali Advisors LLC increased its position in shares of Bank of N.T. Butterfield & Son by 0.6% during the 3rd quarter. Denali Advisors LLC now owns 149,710 shares of the bank's stock valued at $4,054,000 after purchasing an additional 921 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $919,000. Roubaix Capital LLC bought a new position in shares of Bank of N.T. Butterfield & Son during the 3rd quarter valued at about $3,080,000. Finally, Meritage Portfolio Management increased its position in shares of Bank of N.T. Butterfield & Son by 5.5% during the 3rd quarter. Meritage Portfolio Management now owns 8,137 shares of the bank's stock valued at $220,000 after purchasing an additional 425 shares during the last quarter. 62.73% of the stock is currently owned by institutional investors.

About Bank of N.T. Butterfield & Son

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.