The Goldman Sachs Group Raises Bank of N.T. Butterfield & Son (NYSE:NTB) Price Target to $40.00

Bank of N.T. Butterfield & Son (NYSE:NTB) had its target price raised by The Goldman Sachs Group from $35.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s price target points to a potential upside of 9.59% from the company’s current price.

Several other brokerages also recently commented on NTB. Raymond James restated an “outperform” rating and set a $36.00 price objective (up from $32.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. Piper Sandler restated an “overweight” rating and issued a $38.00 price objective (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a research report on Thursday, April 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.80.

Bank of N.T. Butterfield & Son Stock Up 2.4 %

NYSE:NTB traded up $0.84 on Thursday, reaching $36.50. 72,204 shares of the stock traded hands, compared to its average volume of 203,936. The company’s fifty day simple moving average is $34.43 and its 200 day simple moving average is $32.16. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10. Bank of N.T. Butterfield & Son has a 12 month low of $24.62 and a 12 month high of $36.50. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.20 and a beta of 1.20.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to analysts’ expectations of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. Bank of N.T. Butterfield & Son’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.24 earnings per share. Equities analysts predict that Bank of N.T. Butterfield & Son will post 4.4 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trexquant Investment LP acquired a new stake in Bank of N.T. Butterfield & Son during the fourth quarter valued at $903,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Bank of N.T. Butterfield & Son by 66.7% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 666,029 shares of the bank’s stock valued at $21,320,000 after acquiring an additional 266,450 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Bank of N.T. Butterfield & Son by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,453,670 shares of the bank’s stock valued at $46,534,000 after purchasing an additional 25,383 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Bank of N.T. Butterfield & Son by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 110,053 shares of the bank’s stock worth $3,523,000 after purchasing an additional 4,377 shares during the period. Finally, Summit Global Investments purchased a new stake in Bank of N.T. Butterfield & Son in the 4th quarter worth $439,000. 62.73% of the stock is owned by institutional investors and hedge funds.

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