Bank of N.T. Butterfield & Son (NYSE:NTB) Releases Earnings Results, Beats Estimates By $0.08 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) issued its quarterly earnings results on Monday. The bank reported $1.54 EPS for the quarter, beating the consensus estimate of $1.46 by $0.08, Zacks reports. The business had revenue of $158.90 million during the quarter, compared to the consensus estimate of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.94%. During the same quarter in the prior year, the firm earned $1.34 EPS.

Bank of N.T. Butterfield & Son Stock Up 0.4%

NTB stock opened at $53.31 on Tuesday. Bank of N.T. Butterfield & Son has a fifty-two week low of $34.85 and a fifty-two week high of $53.85. The business has a 50-day moving average of $50.67 and a 200-day moving average of $46.66.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NTB shares. Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Keefe, Bruyette & Woods boosted their price target on Bank of N.T. Butterfield & Son from $50.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.67.

Bank of N.T. Butterfield & Son declared that its Board of Directors has authorized a share buyback program on Monday, December 8th that authorizes the company to repurchase $140.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. raised its stake in shares of Bank of N.T. Butterfield & Son by 5.6% during the third quarter. Raymond James Financial Inc. now owns 6,162 shares of the bank’s stock valued at $264,000 after acquiring an additional 328 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Bank of N.T. Butterfield & Son by 3.2% during the second quarter. Cerity Partners LLC now owns 14,779 shares of the bank’s stock valued at $654,000 after purchasing an additional 457 shares during the period. EverSource Wealth Advisors LLC raised its stake in Bank of N.T. Butterfield & Son by 204.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after buying an additional 523 shares during the period. California State Teachers Retirement System grew its stake in Bank of N.T. Butterfield & Son by 29.4% in the second quarter. California State Teachers Retirement System now owns 2,717 shares of the bank’s stock valued at $120,000 after acquiring an additional 617 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in Bank of N.T. Butterfield & Son by 3,371.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares during the period. 62.73% of the stock is currently owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

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.