Zacks Investment Research Lowers Bank of N.T. Butterfield & Son (NYSE:NTB) to Sell

Zacks Investment Research downgraded shares of Bank of N.T. Butterfield & Son (NYSE:NTB) from a hold rating to a sell rating in a report issued on Tuesday morning, 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 equities analysts also recently weighed in on NTB. Wells Fargo & Co downgraded shares of Bank of N.T. Butterfield & Son from an outperform rating to a market perform rating and dropped their target price for the company from $44.00 to $38.00 in a report on Monday, July 1st. Keefe, Bruyette & Woods downgraded shares of Bank of N.T. Butterfield & Son from an outperform rating to a market perform rating and dropped their target price for the company from $51.00 to $41.00 in a report on Sunday, July 7th. Raymond James dropped their target price on shares of Bank of N.T. Butterfield & Son from $38.00 to $36.00 and set an outperform rating for the company in a report on Thursday, August 29th. ValuEngine upgraded shares of Bank of N.T. Butterfield & Son from a strong sell rating to a sell rating in a report on Thursday, September 19th. Finally, Citigroup dropped their target price on shares of Bank of N.T. Butterfield & Son from $40.00 to $39.00 and set a buy rating for the company in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Bank of N.T. Butterfield & Son presently has a consensus rating of Hold and a consensus price target of $39.80.

Shares of NTB traded down $0.31 during trading hours on Tuesday, reaching $28.06. The company had a trading volume of 25,167 shares, compared to its average volume of 243,179. The firm has a 50 day simple moving average of $28.84 and a 200-day simple moving average of $33.67. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 1.24 and a beta of 1.86. Bank of N.T. Butterfield & Son has a 12-month low of $26.08 and a 12-month high of $53.26.

Bank of N.T. Butterfield & Son (NYSE:NTB) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.03. The business had revenue of $129.40 million during the quarter, compared to the consensus estimate of $133.65 million. Bank of N.T. Butterfield & Son had a net margin of 34.60% and a return on equity of 22.69%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. Sell-side analysts forecast that Bank of N.T. Butterfield & Son will post 3.78 earnings per share for the current year.

A number of large investors have recently bought and sold shares of the business. D L Carlson Investment Group Inc. purchased a new position in Bank of N.T. Butterfield & Son during the 2nd quarter valued at about $204,000. Colony Group LLC grew its holdings in shares of Bank of N.T. Butterfield & Son by 1.9% during the second quarter. Colony Group LLC now owns 54,368 shares of the bank’s stock worth $1,846,000 after buying an additional 989 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth about $4,183,000. Susquehanna International Group LLP purchased a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth about $974,000. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the second quarter worth about $277,000. Hedge funds and other institutional investors own 71.48% of the company’s stock.

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 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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