Bank of N.T. Butterfield & Son (NYSE:NTB) Posts Earnings Results, Beats Estimates By $0.15 EPS

Bank of N.T. Butterfield & Son (NYSE:NTB) posted its quarterly earnings data on Tuesday. The bank reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.15, FiscalAI reports. Bank of N.T. Butterfield & Son had a net margin of 29.00% and a return on equity of 21.72%. The firm had revenue of $93.29 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same quarter last year, the company posted $1.30 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis.

Bank of N.T. Butterfield & Son Stock Performance

NYSE NTB opened at $54.66 on Thursday. The firm has a market cap of $2.29 billion, a PE ratio of 9.97 and a beta of 0.51. Bank of N.T. Butterfield & Son has a one year low of $39.74 and a one year high of $57.84. The firm’s fifty day moving average is $53.01 and its two-hundred day moving average is $50.06.

Bank of N.T. Butterfield & Son Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 27th. Shareholders of record on Wednesday, May 13th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, May 13th. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. Bank of N.T. Butterfield & Son’s payout ratio is currently 36.50%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NTB. Keefe, Bruyette & Woods raised 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 report on Wednesday, February 11th. Wells Fargo & Company lifted their price target on shares of Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Weiss Ratings upgraded 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. Finally, Zacks Research lowered 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in Bank of N.T. Butterfield & Son by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,026,549 shares of the bank’s stock valued at $51,143,000 after purchasing an additional 60,796 shares during the period. Nuveen LLC increased its stake in Bank of N.T. Butterfield & Son by 1.2% in the fourth quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock valued at $45,162,000 after purchasing an additional 10,852 shares during the period. JPMorgan Chase & Co. increased its stake in Bank of N.T. Butterfield & Son by 1.6% in the fourth quarter. JPMorgan Chase & Co. now owns 704,254 shares of the bank’s stock valued at $35,086,000 after purchasing an additional 10,967 shares during the period. Millennium Management LLC increased its stake in Bank of N.T. Butterfield & Son by 119.4% in the third quarter. Millennium Management LLC now owns 395,731 shares of the bank’s stock valued at $16,985,000 after purchasing an additional 215,397 shares during the period. Finally, AQR Capital Management LLC increased its stake in Bank of N.T. Butterfield & Son by 27.2% in the fourth quarter. AQR Capital Management LLC now owns 373,423 shares of the bank’s stock valued at $18,604,000 after purchasing an additional 79,863 shares during the period. 62.73% of the stock is currently owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son declared that its board has approved a share repurchase plan on Monday, February 9th that allows the company to repurchase $3.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.