Bank of N.T. Butterfield & Son (NYSE:NTB) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a strong sell rating in a research report report published on Tuesday, Zacks.com reports. According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It […]

Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a strong sell rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “The Bank of N.T. Butterfield & Son Limited offers bank and wealth management services. It provides retail and corporate banking products and services as well as wealth management solutions comprising trust, private banking and asset management. The company operates primarily in Bermuda, the Cayman Islands, Guernsey, The Bahamas, Switzerland and the United Kingdom. The Bank of N.T. Butterfield & Son Limited is headquartered in Hamilton, Bermuda. “

Several other analysts also recently commented on the stock. Wells Fargo & Company downgraded shares of Bank of N.T. Butterfield & Son from an overweight rating to an equal weight rating and set a $25.00 target price for the company. in a report on Tuesday, June 2nd. Piper Sandler increased their price target on shares of Bank of N.T. Butterfield & Son from $30.00 to $32.00 and gave the company an overweight rating in a research report on Friday, July 24th. Citigroup increased their price target on shares of Bank of N.T. Butterfield & Son from $21.00 to $25.00 and gave the company a neutral rating in a research report on Thursday, June 18th. Finally, Raymond James increased their price target on shares of Bank of N.T. Butterfield & Son from $26.00 to $29.00 and gave the company an outperform rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $28.20.

Shares of NYSE NTB opened at $21.99 on Tuesday. The firm has a market cap of $1.18 billion, a PE ratio of 7.21 and a beta of 2.09. Bank of N.T. Butterfield & Son has a 12-month low of $13.76 and a 12-month high of $38.05. The company’s fifty day simple moving average is $25.53 and its 200 day simple moving average is $22.96. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Thursday, July 23rd. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.12. Bank of N.T. Butterfield & Son had a net margin of 28.51% and a return on equity of 17.47%. The business had revenue of $120.77 million for the quarter, compared to analyst estimates of $121.55 million. On average, equities analysts predict that Bank of N.T. Butterfield & Son will post 2.73 earnings per share for the current year.

A number of large investors have recently modified their holdings of NTB. Rockefeller Capital Management L.P. bought a new position in Bank of N.T. Butterfield & Son during the first quarter worth about $40,000. US Bancorp DE boosted its position in Bank of N.T. Butterfield & Son by 18.9% during the first quarter. US Bancorp DE now owns 4,360 shares of the bank’s stock worth $74,000 after purchasing an additional 694 shares during the period. PNC Financial Services Group Inc. boosted its position in Bank of N.T. Butterfield & Son by 13.0% during the first quarter. PNC Financial Services Group Inc. now owns 6,266 shares of the bank’s stock worth $106,000 after purchasing an additional 721 shares during the period. Nisa Investment Advisors LLC boosted its position in Bank of N.T. Butterfield & Son by 100.0% during the second quarter. Nisa Investment Advisors LLC now owns 6,000 shares of the bank’s stock worth $146,000 after purchasing an additional 3,000 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new position in Bank of N.T. Butterfield & Son during the second quarter worth about $210,000. Hedge funds and other institutional investors own 65.66% of the company’s stock.

Bank of N.T. Butterfield & Son Company Profile

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 deposit. 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.

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