Bank of N.T. Butterfield & Son (NYSE:NTB) Stock Rating Lowered by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from an outperform rating to a market perform rating in a research note released on Wednesday, Marketbeat Ratings reports. Keefe, Bruyette & Woods currently has $41.00 price objective on the bank’s stock, down from their prior price objective of $44.00.

NTB has been the topic of several other research reports. The Goldman Sachs Group boosted their target price on shares of Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the stock a buy rating in a report on Thursday, July 11th. Wells Fargo & Company boosted their target price on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the company an overweight rating in a research report on Friday, July 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of N.T. Butterfield & Son has an average rating of Moderate Buy and an average target price of $39.60.

Bank of N.T. Butterfield & Son Price Performance

NTB stock opened at $36.44 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $1.83 billion, a P/E ratio of 8.19 and a beta of 1.18. The firm has a 50-day moving average of $36.81 and a 200 day moving average of $35.06. Bank of N.T. Butterfield & Son has a 1 year low of $24.62 and a 1 year high of $40.55.

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

Bank of N.T. Butterfield & Son Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Bank of N.T. Butterfield & Son by 5.4% in the first quarter. Vanguard Group Inc. now owns 903,713 shares of the bank’s stock worth $28,910,000 after buying an additional 46,416 shares in the last quarter. Jennison Associates LLC purchased a new stake in Bank of N.T. Butterfield & Son during the first quarter valued at approximately $977,000. Hahn Capital Management LLC grew its holdings in Bank of N.T. Butterfield & Son by 20.2% in the second quarter. Hahn Capital Management LLC now owns 89,826 shares of the bank’s stock worth $3,155,000 after purchasing an additional 15,075 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Bank of N.T. Butterfield & Son during the second quarter worth $31,906,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Bank of N.T. Butterfield & Son by 14.1% during the 2nd quarter. Principal Financial Group Inc. now owns 28,946 shares of the bank’s stock valued at $1,017,000 after purchasing an additional 3,574 shares during the last quarter. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Company Profile

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.