Wells Fargo & Company Issues Positive Forecast for Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Price

Key Points

• Wells Fargo raised its price target on Bank of N.T. Butterfield & Son (NYSE:NTB) from $57 to $61, while keeping an equal weight rating. The new target implies about 4.98% upside from the prior close.
• Other analysts were mixed on the stock: Keefe, Bruyette & Woods boosted its target to $58, Zacks Research downgraded NTB to hold, and Weiss Ratings upgraded it to buy (a-). Overall, MarketBeat shows an average Moderate Buy rating with a $56.33 average price target.
• The bank recently traded at $58.11, near its 1-year high of $58.72, and reported quarterly EPS of $1.55 with strong profitability metrics. It also authorized a $3 million share repurchase, and a director bought 10,000 shares in late May.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) had its price objective increased by Wells Fargo & Company from $57.00 to $61.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's target price suggests a potential upside of 4.98% from the company's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Bank of N.T. Butterfield & Son from $52.00 to $58.00 and gave the company a "market perform" rating in a research note on Wednesday, February 11th. Zacks Research cut 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. Finally, Weiss Ratings raised 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. One equities research 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 MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of "Moderate Buy" and an average price target of $56.33.

Bank of N.T. Butterfield & Son Stock Performance

Bank of N.T. Butterfield & Son stock traded up $0.20 during trading on Monday, reaching $58.11. The company had a trading volume of 19,166 shares, compared to its average volume of 170,502. The firm's 50-day simple moving average is $55.48 and its 200 day simple moving average is $52.24. Bank of N.T. Butterfield & Son has a 1-year low of $40.59 and a 1-year high of $58.72. The firm has a market capitalization of $2.44 billion, a PE ratio of 10.05 and a beta of 0.51.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The bank reported $1.55 earnings per share (EPS) for the quarter. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%. The firm had revenue of $155.93 million for the quarter. Analysts anticipate that Bank of N.T. Butterfield & Son will post 6.1 EPS for the current year.

Bank of N.T. Butterfield & Son declared that its board has approved a stock repurchase program on Monday, February 9th that authorizes the company to buyback $3.00 million in outstanding shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

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

In related news, Director Mark T. Lynch purchased 10,000 shares of Bank of N.T. Butterfield & Son stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $56.49 per share, for a total transaction of $564,900.00. Following the acquisition, the director directly owned 234,794 shares in the company, valued at approximately $13,263,513.06. The trade was a 4.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.19% of the stock is currently owned by corporate insiders.

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

Several institutional investors and hedge funds have recently bought and sold shares of NTB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Bank of N.T. Butterfield & Son by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,391 shares of the bank's stock valued at $1,027,000 after buying an additional 1,148 shares during the period. Jane Street Group LLC raised its holdings in Bank of N.T. Butterfield & Son by 80.3% in the 1st quarter. Jane Street Group LLC now owns 70,537 shares of the bank's stock valued at $2,745,000 after buying an additional 31,420 shares during the period. Prudential Financial Inc. purchased a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at about $243,000. Invesco Ltd. raised its holdings in Bank of N.T. Butterfield & Son by 3.8% in the 2nd quarter. Invesco Ltd. now owns 917,385 shares of the bank's stock valued at $40,622,000 after buying an additional 33,657 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Bank of N.T. Butterfield & Son by 204.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank's stock valued at $34,000 after buying an additional 523 shares during the period. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

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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