Bank of N.T. Butterfield & Son (NYSE:NTB) Reaches New 52-Week High on Strong Earnings

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) 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 changing hands. The stock had previously closed at $37.44.

The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.17. Bank of N.T. Butterfield & Son had a net margin of 25.93% and a return on equity of 21.14%.

Analysts Set New Price Targets

NTB has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price 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 objective on Bank of N.T. Butterfield & Son from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of N.T. Butterfield & Son presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.80.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rovida Investment Management Ltd bought a new position in shares of Bank of N.T. Butterfield & Son during the fourth quarter worth $65,568,000. Thrivent Financial for Lutherans raised its stake in Bank of N.T. Butterfield & Son by 0.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,172,819 shares of the bank’s stock worth $43,254,000 after buying an additional 7,207 shares during the period. American Century Companies Inc. lifted its holdings in Bank of N.T. Butterfield & Son by 9.9% during the fourth quarter. American Century Companies Inc. now owns 1,142,830 shares of the bank’s stock worth $41,770,000 after acquiring an additional 103,339 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Bank of N.T. Butterfield & Son by 4.5% in the third quarter. JPMorgan Chase & Co. now owns 1,124,633 shares of the bank’s stock valued at $41,476,000 after acquiring an additional 48,463 shares during the period. Finally, Davis Selected Advisers increased its holdings in shares of Bank of N.T. Butterfield & Son by 0.5% in the fourth quarter. Davis Selected Advisers now owns 1,076,424 shares of the bank’s stock worth $39,343,000 after acquiring an additional 5,712 shares in the last quarter. Institutional investors own 62.73% of the company’s stock.

Bank of N.T. Butterfield & Son Stock Up 1.4 %

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 market capitalization of $1.96 billion, a P/E ratio of 9.20 and a beta of 1.15. The firm has a fifty day simple moving average of $36.94 and a 200-day simple moving average of $37.11.

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.