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

Bank of N.T. Butterfield & Son (NYSE:NTB) was downgraded by stock analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $41.00 target price on the bank’s stock, down from their prior target price of $44.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 13.35% from the stock’s previous close.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group upped their target price on Bank of N.T. Butterfield & Son from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Wells Fargo & Company increased their price objective on Bank of N.T. Butterfield & Son from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of N.T. Butterfield & Son has a consensus rating of “Moderate Buy” and a consensus price target of $39.60.

Bank of N.T. Butterfield & Son Price Performance

Shares of NYSE:NTB opened at $36.17 on Wednesday. The company has a market cap of $1.82 billion, a P/E ratio of 8.13 and a beta of 1.18. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. Bank of N.T. Butterfield & Son has a 52 week low of $24.62 and a 52 week high of $40.55. The business has a fifty day simple moving average of $36.95 and a 200-day simple moving average of $34.97.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.04. The firm 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 firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 earnings per share. Equities research analysts forecast that Bank of N.T. Butterfield & Son will post 4.55 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Bank of N.T. Butterfield & Son by 5.4% during 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 bought a new stake in Bank of N.T. Butterfield & Son in the 1st quarter valued at $977,000. Hahn Capital Management LLC lifted its position in Bank of N.T. Butterfield & Son by 20.2% during the 2nd quarter. Hahn Capital Management LLC now owns 89,826 shares of the bank’s stock worth $3,155,000 after buying an additional 15,075 shares in the last quarter. Westwood Holdings Group Inc. bought a new stake in Bank of N.T. Butterfield & Son during the 2nd quarter worth about $31,906,000. Finally, Principal Financial Group Inc. lifted its position in 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 worth $1,017,000 after buying an additional 3,574 shares in the last quarter. Institutional investors 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.