Short Interest in Bank of N.T. Butterfield & Son Ltd (NYSE:NTB) Expands By 24.2%

Bank of N.T. Butterfield & Son Ltd (NYSE:NTB) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 423,900 shares, an increase of 24.2% from the September 30th total of 341,400 shares. Based on an average trading volume of 232,500 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.8% of the company’s stock are short sold.

Several brokerages recently issued reports on NTB. Zacks Investment Research raised shares of Bank of N.T. Butterfield & Son from a “sell” rating to a “hold” rating in a research note on Saturday, November 9th. Wells Fargo & Co cut their target price on shares of Bank of N.T. Butterfield & Son from $38.00 to $35.00 and set a “market perform” rating on the stock in a research note on Thursday, October 24th. Raymond James cut their target price on shares of Bank of N.T. Butterfield & Son from $38.00 to $36.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. ValuEngine raised shares of Bank of N.T. Butterfield & Son from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, TheStreet raised shares of Bank of N.T. Butterfield & Son from a “c+” rating to a “b-” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Bank of N.T. Butterfield & Son currently has an average rating of “Hold” and an average price target of $39.20.

Institutional investors have recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. lifted its stake in shares of Bank of N.T. Butterfield & Son by 154.1% in the second quarter. Cornerstone Advisors Inc. now owns 780 shares of the bank’s stock valued at $26,000 after buying an additional 473 shares in the last quarter. Huntington National Bank bought a new position in shares of Bank of N.T. Butterfield & Son in the third quarter valued at $39,000. SRS Capital Advisors Inc. bought a new position in shares of Bank of N.T. Butterfield & Son in the third quarter valued at $69,000. NumerixS Investment Technologies Inc bought a new position in shares of Bank of N.T. Butterfield & Son in the second quarter valued at $85,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Bank of N.T. Butterfield & Son by 35.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,529 shares of the bank’s stock valued at $120,000 after buying an additional 918 shares in the last quarter. 71.65% of the stock is currently owned by hedge funds and other institutional investors.

NYSE NTB traded up $0.26 on Friday, hitting $33.49. 111,009 shares of the company were exchanged, compared to its average volume of 234,103. The company has a market cap of $1.82 billion, a PE ratio of 9.49, a PEG ratio of 1.47 and a beta of 1.88. Bank of N.T. Butterfield & Son has a 12 month low of $26.08 and a 12 month high of $41.84. The stock has a fifty day moving average of $31.07 and a 200-day moving average of $32.58. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.15.

Bank of N.T. Butterfield & Son (NYSE:NTB) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.12). The company had revenue of $132.97 million for the quarter, compared to the consensus estimate of $138.14 million. Bank of N.T. Butterfield & Son had a return on equity of 22.09% and a net margin of 32.27%. During the same period in the prior year, the company earned $0.88 earnings per share. On average, analysts expect that Bank of N.T. Butterfield & Son will post 3.75 earnings per share for the current year.

The firm also recently disclosed a dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were paid a $0.44 dividend. The ex-dividend date was Friday, November 1st.

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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