Bank of N.T. Butterfield & Son (NTB) Downgraded by Zacks Investment Research to “Hold”

Bank of N.T. Butterfield & Son (NYSE:NTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

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. “

NTB has been the subject of a number of other research reports. Wells Fargo & Co raised shares of Bank of N.T. Butterfield & Son from a “market perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a research report on Tuesday, January 9th. Citigroup downgraded shares of 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 report on Monday, September 25th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $38.00 price objective on shares of Bank of N.T. Butterfield & Son in a research report on Sunday, October 8th.

Bank of N.T. Butterfield & Son (NYSE:NTB) traded down $0.08 during trading on Wednesday, reaching $40.29. 321,314 shares of the company were exchanged, compared to its average volume of 278,415. The company has a market capitalization of $2,200.00 and a P/E ratio of 21.90. Bank of N.T. Butterfield & Son has a 1-year low of $29.81 and a 1-year high of $40.83. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.15.

Bank of N.T. Butterfield & Son (NYSE:NTB) last released its earnings results on Wednesday, October 25th. The bank reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Bank of N.T. Butterfield & Son had a net margin of 22.83% and a return on equity of 19.90%. The business had revenue of $112.49 million during the quarter, compared to the consensus estimate of $111.66 million. analysts predict that Bank of N.T. Butterfield & Son will post 2.82 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its position in shares of Bank of N.T. Butterfield & Son by 25.5% in the 2nd quarter. FMR LLC now owns 2,188,148 shares of the bank’s stock valued at $74,616,000 after acquiring an additional 445,000 shares during the period. Southpoint Capital Advisors LP grew its position in shares of Bank of N.T. Butterfield & Son by 28.9% in the 2nd quarter. Southpoint Capital Advisors LP now owns 1,200,000 shares of the bank’s stock valued at $40,920,000 after acquiring an additional 268,861 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Bank of N.T. Butterfield & Son by 7.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,199,020 shares of the bank’s stock valued at $43,932,000 after acquiring an additional 81,660 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Bank of N.T. Butterfield & Son in the 3rd quarter valued at about $41,742,000. Finally, State Street Corp grew its position in shares of Bank of N.T. Butterfield & Son by 340.7% in the 2nd quarter. State Street Corp now owns 859,224 shares of the bank’s stock valued at $29,300,000 after acquiring an additional 664,249 shares during the period. 72.47% of the stock is owned by institutional investors.

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About Bank of N.T. Butterfield & Son

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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