Zacks Investment Research Downgrades Bank of N.T. Butterfield & Son (NTB) to Hold

Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a buy rating to a hold rating in a report issued on Thursday.

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 research firms have also issued reports on NTB. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $38.00 price objective on shares of Bank of N.T. Butterfield & Son in a research note on Sunday, October 8th. Citigroup lowered Bank of N.T. Butterfield & Son from a buy rating to a neutral rating and set a $37.00 price objective for the company. in a research note on Monday, September 25th.

Bank of N.T. Butterfield & Son (NTB) opened at $37.50 on Thursday. Bank of N.T. Butterfield & Son has a one year low of $29.81 and a one year high of $40.80. The company has a market capitalization of $2,046.81, a P/E ratio of 20.27, a P/E/G ratio of 1.85 and a beta of 1.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.60 and a current ratio of 0.60.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $112.49 million during the quarter, compared to analyst estimates of $111.66 million. Bank of N.T. Butterfield & Son had a return on equity of 19.90% and a net margin of 22.83%. equities analysts anticipate that Bank of N.T. Butterfield & Son will post 2.82 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of NTB. Russell Investments Group Ltd. purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter worth approximately $1,151,000. Schwab Charles Investment Management Inc. raised its holdings in shares of Bank of N.T. Butterfield & Son by 74.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 144,388 shares of the bank’s stock worth $4,924,000 after buying an additional 61,751 shares during the period. First Trust Advisors LP purchased a new stake in shares of Bank of N.T. Butterfield & Son in the second quarter worth approximately $372,000. Rhumbline Advisers raised its holdings in shares of Bank of N.T. Butterfield & Son by 370.7% in the second quarter. Rhumbline Advisers now owns 58,954 shares of the bank’s stock worth $2,010,000 after buying an additional 46,428 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Bank of N.T. Butterfield & Son by 136.7% in the second quarter. Bank of New York Mellon Corp now owns 192,964 shares of the bank’s stock worth $6,464,000 after buying an additional 111,449 shares during the period. Hedge funds and other institutional investors own 72.47% of the company’s stock.

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Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank’s geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services.

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