Bank of N.T. Butterfield & Son Ltd (NYSE:NTB) Short Interest Down 42.4% in February

Bank of N.T. Butterfield & Son Ltd (NYSE:NTB) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 612,231 shares, a drop of 42.4% from the February 15th total of 1,062,799 shares. Based on an average trading volume of 366,640 shares, the days-to-cover ratio is presently 1.7 days.

Several brokerages recently weighed in on NTB. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $54.00 target price on shares of Bank of N.T. Butterfield & Son in a research note on Tuesday, February 27th. Zacks Investment Research upgraded Bank of N.T. Butterfield & Son from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a report on Friday, March 23rd. Citigroup restated a “neutral” rating and issued a $42.00 price target on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, February 14th. Sandler O’Neill restated a “buy” rating and issued a $50.00 price target on shares of Bank of N.T. Butterfield & Son in a report on Wednesday, March 28th. Finally, Wells Fargo upgraded Bank of N.T. Butterfield & Son from a “market perform” rating to an “outperform” rating and set a $43.00 target price for the company in a report on Tuesday, January 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Bank of N.T. Butterfield & Son has an average rating of “Buy” and a consensus price target of $47.80.

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NYSE NTB traded down $1.00 on Friday, reaching $44.50. The company had a trading volume of 238,645 shares, compared to its average volume of 244,170. The stock has a market cap of $2,433.79, a PE ratio of 15.51, a P/E/G ratio of 2.17 and a beta of 0.47. Bank of N.T. Butterfield & Son has a 1 year low of $30.58 and a 1 year high of $47.60. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.14.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its quarterly earnings data on Thursday, February 15th. The bank reported $0.76 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.76. The firm had revenue of $118.50 million during the quarter, compared to the consensus estimate of $113.41 million. Bank of N.T. Butterfield & Son had a return on equity of 20.27% and a net margin of 33.07%. sell-side analysts anticipate that Bank of N.T. Butterfield & Son will post 3.42 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Monday, February 26th were paid a $0.38 dividend. The ex-dividend date was Friday, February 23rd. This represents a $1.52 annualized dividend and a dividend yield of 3.42%. Bank of N.T. Butterfield & Son’s payout ratio is 53.15%.

Large investors have recently added to or reduced their stakes in the company. Grandeur Peak Global Advisors LLC purchased a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter valued at $11,049,000. Macquarie Group Ltd. raised its stake in shares of Bank of N.T. Butterfield & Son by 2,087.0% during the 4th quarter. Macquarie Group Ltd. now owns 54,676 shares of the bank’s stock worth $1,985,000 after purchasing an additional 52,176 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 38.2% during the 4th quarter. Verition Fund Management LLC now owns 11,816 shares of the bank’s stock worth $429,000 after purchasing an additional 3,268 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 27.8% during the 4th quarter. TIAA CREF Investment Management LLC now owns 536,546 shares of the bank’s stock worth $19,471,000 after purchasing an additional 116,845 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in shares of Bank of N.T. Butterfield & Son by 3.4% during the 4th quarter. Teachers Advisors LLC now owns 627,708 shares of the bank’s stock worth $22,780,000 after purchasing an additional 20,485 shares in the last quarter. 69.79% 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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