Bank of N.T. Butterfield & Son (NYSE:NTB) Cut to Market Perform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from an outperform rating to a market perform rating in a report published on Wednesday, Marketbeat.com reports. The brokerage currently has $41.00 price target on the bank’s stock, down from their prior price target of $44.00.

NTB has been the subject of a number of other research reports. The Goldman Sachs Group upped their target price on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Wells Fargo & Company increased their price target on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of N.T. Butterfield & Son presently has a consensus rating of Moderate Buy and a consensus price target of $39.60.

Bank of N.T. Butterfield & Son Trading Up 1.8 %

Bank of N.T. Butterfield & Son stock opened at $36.44 on Wednesday. The company has a 50 day moving average price of $36.81 and a 200 day moving average price of $35.06. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 8.19 and a beta of 1.18. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. Bank of N.T. Butterfield & Son has a 52 week low of $24.62 and a 52 week high of $40.55.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings results on Monday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. The company had revenue of $143.10 million during the quarter, compared to the consensus estimate of $139.75 million. Bank of N.T. Butterfield & Son had a return on equity of 22.32% and a net margin of 25.97%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the business earned $1.14 EPS. Research analysts forecast that Bank of N.T. Butterfield & Son will post 4.55 EPS for the current year.

Bank of N.T. Butterfield & Son Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date was Monday, August 5th. Bank of N.T. Butterfield & Son’s payout ratio is currently 39.55%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Bank of N.T. Butterfield & Son by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,600,864 shares of the bank’s stock valued at $56,221,000 after acquiring an additional 51,875 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Bank of N.T. Butterfield & Son in the 2nd quarter valued at about $31,906,000. Vanguard Group Inc. lifted its position in shares of Bank of N.T. Butterfield & Son by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 903,713 shares of the bank’s stock worth $28,910,000 after purchasing an additional 46,416 shares during the period. American Century Companies Inc. boosted its position in shares of Bank of N.T. Butterfield & Son by 31.7% during the 2nd quarter. American Century Companies Inc. now owns 876,472 shares of the bank’s stock valued at $30,782,000 after purchasing an additional 211,147 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Bank of N.T. Butterfield & Son by 45.6% during the second quarter. Victory Capital Management Inc. now owns 381,876 shares of the bank’s stock worth $13,411,000 after acquiring an additional 119,572 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.