Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Rating Upgraded by Zacks Research

Bank of N.T. Butterfield & Son (NYSE:NTB) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Keefe, Bruyette & Woods lifted their price objective on 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. Wells Fargo & Company lifted their price target on Bank of N.T. Butterfield & Son from $50.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son currently has an average rating of “Moderate Buy” and an average price target of $55.00.

Bank of N.T. Butterfield & Son Stock Performance

Shares of NYSE NTB opened at $52.55 on Wednesday. The company has a 50 day simple moving average of $50.96 and a two-hundred day simple moving average of $46.80. Bank of N.T. Butterfield & Son has a 12 month low of $34.85 and a 12 month high of $55.84.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Monday, February 9th. The bank reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.08. The firm had revenue of $158.90 million during the quarter, compared to analysts’ expectations of $153.49 million. Bank of N.T. Butterfield & Son had a net margin of 28.27% and a return on equity of 21.72%. During the same quarter last year, the company posted $1.34 earnings per share. Equities 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 approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rovida Advisors Inc. acquired a new stake in Bank of N.T. Butterfield & Son in the 2nd quarter valued at $79,413,000. American Century Companies Inc. grew its position in shares of Bank of N.T. Butterfield & Son by 10.2% in the third quarter. American Century Companies Inc. now owns 1,517,705 shares of the bank’s stock valued at $65,140,000 after purchasing an additional 140,041 shares during the period. Invesco Ltd. increased its stake in shares of Bank of N.T. Butterfield & Son by 5.3% during the third quarter. Invesco Ltd. now owns 965,753 shares of the bank’s stock worth $41,450,000 after purchasing an additional 48,368 shares in the last quarter. Nuveen LLC raised its position in shares of Bank of N.T. Butterfield & Son by 1.2% during the 4th quarter. Nuveen LLC now owns 906,502 shares of the bank’s stock worth $45,162,000 after purchasing an additional 10,852 shares during the last quarter. Finally, LSV Asset Management lifted its stake in Bank of N.T. Butterfield & Son by 26.5% in the 4th quarter. LSV Asset Management now owns 823,925 shares of the bank’s stock valued at $41,048,000 after buying an additional 172,666 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

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.