Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Bank of N.T. Butterfield & Son (NYSE:NTB) Stock

Bank of N.T. Butterfield & Son (NYSE:NTB - Free Report) had its price objective boosted by Keefe, Bruyette & Woods from $44.00 to $48.00 in a research note released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank's stock.

Separately, Wells Fargo & Company increased 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, February 12th.

Bank of N.T. Butterfield & Son Price Performance

NTB traded up $1.07 on Friday, reaching $40.45. The stock had a trading volume of 228,443 shares, compared to its average volume of 190,779. Bank of N.T. Butterfield & Son has a fifty-two week low of $32.78 and a fifty-two week high of $41.88. The firm has a 50-day moving average of $37.91 and a 200-day moving average of $37.65. The company has a current ratio of 0.63, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 8.57 and a beta of 0.82.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.27. Bank of N.T. Butterfield & Son had a return on equity of 21.46% and a net margin of 26.51%. The business had revenue of $148.20 million during the quarter, compared to analysts' expectations of $140.89 million. During the same quarter in the prior year, the firm earned $1.17 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current year.

Bank of N.T. Butterfield & Son Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Wednesday, May 7th will be paid a $0.44 dividend. The ex-dividend date is Wednesday, May 7th. This represents a $1.76 annualized dividend and a dividend yield of 4.35%. Bank of N.T. Butterfield & Son's payout ratio is 36.51%.

Institutional Investors Weigh In On Bank of N.T. Butterfield & Son

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in Bank of N.T. Butterfield & Son by 9.6% during the first quarter. Principal Financial Group Inc. now owns 34,350 shares of the bank's stock worth $1,337,000 after purchasing an additional 3,008 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Bank of N.T. Butterfield & Son by 5.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 109,717 shares of the bank's stock worth $4,270,000 after purchasing an additional 5,586 shares during the period. Canoe Financial LP grew its stake in Bank of N.T. Butterfield & Son by 54.6% during the first quarter. Canoe Financial LP now owns 12,916 shares of the bank's stock worth $503,000 after purchasing an additional 4,561 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Bank of N.T. Butterfield & Son by 10.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,665 shares of the bank's stock worth $376,000 after purchasing an additional 918 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Bank of N.T. Butterfield & Son during the first quarter worth approximately $350,000. 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 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.