Bank of N.T. Butterfield & Son (NTB) Price Target Cut to $49.00

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Bank of N.T. Butterfield & Son (NYSE:NTB) had its price target cut by analysts at Raymond James from $56.00 to $49.00 in a research report issued on Monday. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ price target points to a potential upside of 18.56% from the stock’s previous close.

A number of other brokerages have also recently commented on NTB. Wells Fargo & Co reaffirmed a “buy” rating and issued a $45.00 target price on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, October 24th. Zacks Investment Research cut Bank of N.T. Butterfield & Son from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, TheStreet raised Bank of N.T. Butterfield & Son from a “c” rating to a “b-” rating in a report on Monday, September 17th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $50.50.

Shares of NYSE NTB traded down $0.24 during midday trading on Monday, hitting $41.33. 301,530 shares of the stock traded hands, compared to its average volume of 277,952. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.89 and a beta of 1.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.61 and a quick ratio of 0.61. Bank of N.T. Butterfield & Son has a one year low of $34.86 and a one year high of $53.63.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its earnings results on Wednesday, October 24th. The bank reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.05). Bank of N.T. Butterfield & Son had a return on equity of 22.33% and a net margin of 35.65%. The company had revenue of $129.55 million during the quarter, compared to the consensus estimate of $132.36 million. Equities research analysts anticipate that Bank of N.T. Butterfield & Son will post 3.66 EPS for the current year.

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Bank of N.T. Butterfield & Son by 32.5% during the second quarter. PNC Financial Services Group Inc. now owns 91,121 shares of the bank’s stock valued at $4,167,000 after acquiring an additional 22,370 shares during the period. Sheets Smith Wealth Management raised its holdings in Bank of N.T. Butterfield & Son by 42.1% during the third quarter. Sheets Smith Wealth Management now owns 10,514 shares of the bank’s stock valued at $545,000 after acquiring an additional 3,113 shares during the period. Bank of New York Mellon Corp raised its holdings in Bank of N.T. Butterfield & Son by 21.8% during the second quarter. Bank of New York Mellon Corp now owns 289,212 shares of the bank’s stock valued at $13,304,000 after acquiring an additional 51,752 shares during the period. Iberiabank Corp bought a new stake in Bank of N.T. Butterfield & Son during the third quarter valued at about $369,000. Finally, Soros Fund Management LLC bought a new stake in Bank of N.T. Butterfield & Son during the second quarter valued at about $4,359,000. 74.11% of the stock is currently owned by institutional investors and hedge funds.

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 non-interest bearing deposits, as well as certificates of deposits. The company's lending portfolio includes residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.

See Also: Return on Investment (ROI)

Analyst Recommendations for Bank of N.T. Butterfield & Son (NYSE:NTB)

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