Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Bank of N.T. Butterfield & Son (NYSE:NTB) had its target price upped by equities research analysts at Keefe, Bruyette & Woods from $52.00 to $58.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 9.52% from the stock’s previous close.

A number of other equities analysts have also recently commented on NTB. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research note on Thursday, January 22nd. Zacks Research lowered Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $52.67.

Bank of N.T. Butterfield & Son Trading Down 0.8%

NYSE:NTB opened at $52.96 on Wednesday. The business’s fifty day moving average is $50.78 and its 200 day moving average is $46.72. Bank of N.T. Butterfield & Son has a 52-week low of $34.85 and a 52-week high of $54.91.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.08. Bank of N.T. Butterfield & Son had a return on equity of 22.04% and a net margin of 28.27%.The business had revenue of $158.90 million during the quarter, compared to analyst estimates of $153.49 million. During the same quarter in the previous year, the firm earned $1.34 EPS. Research analysts forecast that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son announced that its Board of Directors has authorized a share buyback program on Monday, December 8th that allows the company to repurchase $140.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Globeflex Capital L P lifted its holdings in Bank of N.T. Butterfield & Son by 24.1% in the fourth quarter. Globeflex Capital L P now owns 130,399 shares of the bank’s stock worth $6,496,000 after buying an additional 25,349 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Bank of N.T. Butterfield & Son by 43.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 299,084 shares of the bank’s stock worth $14,900,000 after acquiring an additional 90,246 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Bank of N.T. Butterfield & Son by 35.7% during the fourth quarter. BNP Paribas Financial Markets now owns 86,960 shares of the bank’s stock worth $4,332,000 after acquiring an additional 22,890 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 108.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,346 shares of the bank’s stock worth $67,000 after acquiring an additional 701 shares during the last quarter. Finally, LSV Asset Management increased its stake in Bank of N.T. Butterfield & Son by 26.5% during the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after purchasing an additional 172,666 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.