Bank of N.T. Butterfield & Son (NYSE:NTB) Hits New 12-Month High on Strong Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $41.67 and last traded at $40.14, with a volume of 46849 shares traded. The stock had previously closed at $37.44.

The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.17. Bank of N.T. Butterfield & Son had a return on equity of 21.14% and a net margin of 25.93%.

Analyst Ratings Changes

A number of brokerages have recently commented on NTB. Keefe, Bruyette & Woods lifted their price target on Bank of N.T. Butterfield & Son from $41.00 to $44.00 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 $43.00 to $46.00 and gave the company an "overweight" rating in a research note on Wednesday. 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 MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $40.80.

Institutional Trading of Bank of N.T. Butterfield & Son

Several institutional investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC boosted its holdings in Bank of N.T. Butterfield & Son by 2.7% in the fourth quarter. Clear Harbor Asset Management LLC now owns 11,540 shares of the bank's stock valued at $422,000 after acquiring an additional 300 shares during the last quarter. Wedge Capital Management L L P NC boosted its holdings in Bank of N.T. Butterfield & Son by 1.4% in the third quarter. Wedge Capital Management L L P NC now owns 22,691 shares of the bank's stock valued at $837,000 after acquiring an additional 324 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of N.T. Butterfield & Son by 5.1% in the fourth quarter. Legal & General Group Plc now owns 7,697 shares of the bank's stock valued at $281,000 after acquiring an additional 374 shares during the last quarter. Stifel Financial Corp lifted its stake in Bank of N.T. Butterfield & Son by 5.6% in the fourth quarter. Stifel Financial Corp now owns 8,273 shares of the bank's stock valued at $302,000 after buying an additional 441 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its stake in Bank of N.T. Butterfield & Son by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 88,519 shares of the bank's stock valued at $3,235,000 after buying an additional 971 shares during the period. 62.73% of the stock is currently owned by institutional investors.

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Bank of N.T. Butterfield & Son Stock Performance

The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.09. The company has a 50 day simple moving average of $37.08 and a 200-day simple moving average of $37.16. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 8.97 and a beta of 1.15.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.