Bank of NT Butterfield & Son

NTB · NYSE

$59.91−$0.40 (−0.66%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $60.31

NTB analyst rating

HoldConsensus of 2 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold2
Underperform0
Sell0

12-month price target · 4 analysts

Average $67.32 (+12.4% upside)

Low: $65.65
Now: $59.91
High: $71.40

Upgrades and downgrades

The latest rating actions, newest first

NTB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Sep 30, 2026	Maintains	Equal-Weight	$61.00 → $65.00	63%
Keefe, Bruyette & Woods	Aug 3, 2026	Maintains	Market Perform	$60.00 → $66.00	71%
Wells Fargo	Jun 8, 2026	Maintains	Equal-Weight	$57.00 → $61.00	63%
Wells Fargo	Feb 12, 2026	Maintains	Equal-Weight	$50.00 → $57.00	63%
Keefe, Bruyette & Woods	Feb 11, 2026	Maintains	Market Perform	$52.00 → $58.00	71%
Keefe, Bruyette & Woods	Oct 30, 2025	Maintains	Market Perform	$50.00 → $52.00	71%

The case for and against

Updated Oct 23, 2024

Bull case

Bank of N.T. Butterfield & Son Ltd has demonstrated a robust financial performance, with total equity capital (TCE) increasing by 30 basis points sequentially, nearing 7.0%, which indicates strong capital management and stability. The bank has also shown a positive trajectory in non-interest income, with management guiding to quarterly earnings in 2024 expected to normalize around $52-53 million, supported by solid fee trends and effective expense control. Additionally, the growth in tangible book value (TBV) exceeding 10% quarter-over-quarter reflects a strong underlying asset base, providing further confidence in the bank's ability to enhance shareholder value through potential share buybacks.

Bear case

The fundamental outlook for Bank of N.T Butterfield's stock is negative due to anticipated declines in deposit balances, projected to drop to $11.6 billion in the third quarter, leading to lower net interest income (NII) expectations for the year. Additionally, the economic environment remains challenging, particularly in core markets like Bermuda and the Cayman Islands, which increases the risk of higher nonperforming assets and net charge-offs, potentially undermining net income and earnings per share (EPS) estimates. Lastly, the company's inability to achieve loan growth, evidenced by a 2.2% decrease in loan balances, further exacerbates the pressures on valuation and investor sentiment throughout the year.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.