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Bank of N.T. Butterfield & Son Limited (The) NTB

Financial — Banks Diversified
Dividend Champion (5y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
0.56
Total sells
23.07
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — 1 — — — —
Sell — — — — — — — — 1 4 6 —
Insider Ownership
1.98%

Capital & Financial Ratios

Market Cap
2,330.00
Revenue
798.90
Net Income
234.39
Free Cash Flow
210.24
Net Debt
(3,731.21)
Current Ratio
0.64
Debt/Equity
0.00
P/E ratio
10.17
P/S ratio
2.93
P/B ratio
2.04
Past 5Y EPS Growth
7.40%
This Y EPS Growth
9.92%
Next Y EPS Growth
(0.36%)
Next 5Y EPS Growth
15.61%
in millions of $

Dividends

Payout Ratio
0.36
Annual Dividend Rate
1.76
Annual Dividend Yield
6.01%
total individual payouts
2028 ‡‡‡
2027 ‡‡‡
2026 2.00
—
—
—
2025 1.88
—
—
—
—
2024 1.76
—
—
—
—
2023 1.76
—
—
—
—
2022 1.76
—
—
—
—
2021 1.76
—
—
—
—
2020 1.76
—
—
—
—
2019 1.76
—
—
—
—
2018 1.52
—
—
—
—
2017 1.28
—
—
—
—
2016 0.30
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 2,871.96 3,783.51 3,561.72 3,731.22
Receivables — — — —
Inventory — — — —
Other — — — —
7,617.81 8,468.64 8,154.53 8,393.81
2023 2024 2025 Q'26
Payables 11,986.71 12,745.91 12,698.07 12,910.86
ST’ Debt — — — —
Other — — — —
12,183.24 13,028.27 12,868.58 13,113.62
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 195.32 199.93 — —
—
’25 198.44 197.93 200.59 203.06
800.02
’24 197.81 203.23 206.01 208.69
815.73
’23 184.69 184.06 189.68 199.57
758.00
’22 133.27 141.59 154.61 176.57
606.04
’21 128.75 129.70 130.78 133.63
522.85
’20 149.38 127.57 130.55 130.25
537.75
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 58.91 59.13 — —
—
’25 62.82 100.74 51.94 64.07
279.56
’24 28.26 88.00 112.74 36.43
265.43
’23 77.16 76.78 32.05 114.30
300.29
’22 61.17 41.42 45.02 71.66
219.27
’21 51.62 42.72 85.34 71.67
251.35
’20 (1.16) 68.96 85.61 34.74
188.15
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 50.31 54.27 — —
—
’25 55.42 93.74 46.82 58.83
254.81
’24 26.17 83.85 106.13 28.35
244.49
’23 70.08 68.87 25.99 81.72
246.66
’22 54.47 35.63 37.46 66.74
194.30
’21 48.73 40.80 86.05 64.47
240.06
’20 (6.85) 58.28 81.08 35.08
167.58
in millions of $

EPS

Mar Jun Sep Dec Year
’26 1.53 1.16 — —
—
’25 1.23 1.25 1.46 1.54
5.47
’24 1.13 1.09 1.16 1.34
4.71
’23 1.24 1.22 0.99 1.11
4.58
’22 0.89 0.99 1.15 1.26
4.29
’21 0.83 0.79 0.80 0.84
3.26
’20 0.77 0.67 0.61 0.85
2.90

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2.7
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.67 22.93 28.73 34.77 — — —
Low Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 41.69 38.31 40.55 52.11 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,341 1,334 1,306 1,315 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.45 0.57 0.62 0.61 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 606.04 758.00 815.73 800.02 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 90.96% 76.43% 71.25% 75.87% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 217.70 226.26 220.85 237.97 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.92% 29.85% 27.07% 29.75% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 214.02 225.49 216.32 231.94 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 40.18 36.21 42.16 36.82 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.22 15.53 18.09 19.36 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 4.32 4.62 4.80 5.61 ‡‡‡‡ ‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.42 6.15 5.89 6.77 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.50) (1.10) (0.46) (0.60) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.92 5.05 5.42 6.17 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.44 20.56 22.64 27.64 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.60 48.80 45.08 41.32 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.99 6.95 7.60 8.86 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.47 2.06 2.02 2.57 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.73 1.56 1.61 1.80 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.14) (1.49) (2.40) (1.65) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.66) (4.12) (8.00) (5.20) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 219.27 300.29 265.43 279.56 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (24.97) (53.63) (20.94) (24.75) — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 194.30 246.66 244.49 254.81 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5,035.14) (4,565.43) (4,559.63) (4,714.05) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 254.29 98.49 98.73 — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2,791.08) (2,773.47) (3,684.79) (3,561.72) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 864.82 1,003.60 1,020.81 1,141.85 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.44% 1.63% 1.57% 1.64% ‡‡‡‡‡ — —
ROA
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00% 0.00% 0.00% 0.00% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 23.23% 24.14% 21.37% 21.45% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Bank of N.T. Butterfield & Son (NTB), the offshore banking powerhouse in Bermuda and the Caymans, has powered through a decade of chaos—from COVID crashes to rate rollercoasters—with revenue surging 92% to $816 million (9% CAGR) since 2016, turbocharged by ruthless share buybacks that juiced revenue per share 107%. Cash flows are a fortress: free cash flow per share up 52%, net debt obliterated to a comfy negative position, and ROE averaging a bank-beating 19%. The 2021 HSBC acquisition sparked a 20% revenue rampage amid rising rates, while productivity soared 82% per employee, underscoring a lean, shareholder-friendly machine.

Yet cracks lurk beneath the gloss: gross margins cratered 26 points to 71%, EBT margins slid 26% relatively, and net income dipped 4% last year amid cost creep and integration hangovers. Valuation looks tasty at 8-9x forward P/E and 1.6x P/B— a discount to history—but stock’s hugging 2018 highs after a 225% rebound, vulnerable to the analyst-projected 55% revenue plunge in 2025 before a rebound.

Consensus whispers modest 8-10% upside, with EPS climbing to $6.49 by 2027, but contrarians beware: rate cuts could gut NIMs by 10-15%, fintech invaders erode moats, and Bermuda’s geopolitical baggage looms large. A cash-rich compounder worth watching—or trimming on strength? Dive deeper for the full risk-reward dissection.

Read full commentary →

Bank of N.T. Butterfield & Son Limited (The) (NTB) Latest News

News by impact score

Fine-tune

4 Aug

3 , 3:09 AM
Bank of N.T. Butterfield & Son Limited (NTB) reports higher net interest income and introduces a new dividend, prompting reassessment of its investment appeal. Higher net interest income and new dividend moderately shift NTB financial outlook and investor views.

3 Aug

3 , 9:12 PM
NTB stock has climbed 136% but continues to appear undervalued based on current analysis. Ongoing positive stock momentum and value perception can lift near-term investor sentiment and share price.

3 , 2:09 PM
NTB stock fair value estimate raised following analyst perspectives on CIBC deal. CIBC deal views prompt fair value upgrade with moderate effect on NTB trajectory and sentiment.

29 Jul

4 , 12:37 AM
NTB's Q2 analysis focuses on expansion strategy execution and integration progress as central elements defining the bank's forward outlook and performance trajectory. Expansion strategy and integration progress represent major strategic moves expected to significantly alter NTB's trajectory and investor sentiment.

28 Jul

3 transcript , 5:02 PM
Bank of N.T. Butterfield & Son Limited reported strong core net income and related metrics during its Q2 2026 earnings call. Strong core net results in earnings call point to improved near-term financial performance without indicating major strategic shifts.

3 transcript www.marketbeat.com, 3:04 PM
NTB reported Q2 results with net interest income of $85.4 million, up 6% year-over-year, driven by loan growth and higher net interest margin. Deposits increased 3% while credit quality remained stable with non-performing loans at 1.1%. The bank raised its full-year guidance and announced a new $50 million share repurchase authorization. Quarterly earnings and guidance updates typically produce short-term share price moves without altering the bank's long-term competitive position.

3 transcript app.moby.co, 8:30 AM
Bank of N.T. Butterfield & Son Limited held its Q2 2026 earnings call covering financial results, performance metrics, and management commentary on operations and outlook. Q2 earnings call supplies updated financial metrics and guidance that moderately shift near-term investor sentiment and valuation.

27 Jul

3 , 4:38 PM
Butterfield Bank exceeded sales expectations for Q2 CY2026. Better-than-expected quarterly sales point to stronger revenue results likely to influence near-term stock performance.

3 , 4:30 PM
NTB reported second quarter 2026 results. Quarterly earnings releases typically influence near-term stock valuation and investor sentiment for the bank.

28 May

5 Business Wire, 5:30 AM
Bank of N.T. Butterfield & Son Limited agrees to acquire control of CIBC Caribbean in a $1.8 billion transaction. The $1.8 billion acquisition of CIBC Caribbean transforms Butterfield's regional operations and competitive position.

3 MT Newswires, 7:13 AM
Canadian Imperial Bank of Commerce reported higher fiscal Q2 adjusted earnings and revenue. The bank announced plans for a share buyback and agreed to sell its Caribbean bank stake. CIBC stake sale in Caribbean operations may alter NTB ownership structure and near-term market sentiment.

5 May

4 Simply Wall St., 12:33 AM
Bank of N.T. Butterfield & Son Limited (NTB) beat earnings expectations, declared a dividend, and announced a share buyback, signaling strong financial health and boosting shareholder value. Earnings beat combined with dividend and buyback announcements represent major shareholder-friendly moves likely to enhance market performance and investor sentiment.

2 May

3 www.marketbeat.com, 1:05 AM
Bank of N.T. Butterfield & Son Limited shared highlights from its Q1 earnings call, covering financial performance, strategic updates, and outlook. Q1 earnings call highlights influence financial performance and market sentiment but represent routine quarterly reporting.

1 May

4 Zacks, 12:00 PM
Bank of N.T. Butterfield & Son Limited (NTB) upgraded to Buy rating by analysts, who outline rationale including strong financials, growth prospects, and favorable market conditions. Analyst upgrade to Buy signals major positive shift in investor sentiment, potentially driving significant stock price gains and altered trajectory.

30 Apr

4 GuruFocus.com, 3:13 AM
Bank of N.T. Butterfield & Son Ltd (NTB) Q1 2026 earnings call highlights strong start to the year with robust financial results. Strong Q1 2026 earnings signal significant positive impact on NTB's financial trajectory and investor sentiment.

29 Apr

4 app.moby.co, 8:30 AM
The Bank of N.T. Butterfield & Son Limited released its Q1 2026 earnings call summary, highlighting quarterly financial results, performance metrics, and forward guidance. Q1 2026 earnings call summary details financial results and guidance that significantly influence NTB's stock performance and investor sentiment.

28 Apr

4 Zacks, 7:00 PM
Bank of N.T. Butterfield & Son Limited (NTB) reported Q1 earnings and revenues that surpassed analyst estimates. Q1 earnings and revenue beats demonstrate strong financial performance, likely driving positive stock momentum and investor confidence.

4 StockStory, 5:41 PM
Butterfield Bank (NYSE:NTB) posted better-than-expected sales in Q1 CY2026. Better-than-expected Q1 sales indicate strong revenue growth, significantly enhancing NTB's financial outlook and investor sentiment.

4 Business Wire, 4:30 PM
Bank of N.T. Butterfield & Son Limited (NTB) reported first quarter 2026 results. Quarterly earnings results significantly affect NTB's financial performance and investor sentiment.

3 Zacks, 8:00 PM
Bank of N.T. Butterfield & Son (NTB) Q1 earnings key metrics highlight strong net interest income growth, improved efficiency ratio, stable deposit base, and higher return on tangible equity despite rising credit provisions. Q1 earnings metrics offer moderate insights into NTB's financial health, influencing near-term investor sentiment and performance expectations without transformative changes.

24 Apr

3 Zacks, 12:10 PM
Bank of N.T. Butterfield & Son (NTB) has beaten earnings estimates in its last four quarters by an average surprise of 11.2% and holds a Zacks Rank #2 (Buy), positioning it well to surpass consensus again in the next report due on July 25, driven by positive Earnings ESP and growth in key segments. Earnings preview highlighting consistent beats and favorable metrics can moderately influence pre-report stock sentiment and performance.

17 Apr

4 StockStory, 2:48 PM
Butterfield Bank (NTB) stock faces buy, sell, or hold recommendation following Q4 earnings release, with analysis weighing financial performance, growth prospects, and market conditions. Q4 earnings outcomes and analyst recommendations directly shape NTB's valuation, investor sentiment, and near-term market trajectory.

19 Feb

4 Business Wire, 4:30 PM
Bank of N.T. Butterfield & Son Limited announces agreement to acquire Rawlinson & Hunter Guernsey, a leading provider of fiduciary and fund services, to expand its wealth management offerings in the Channel Islands. The acquisition bolsters Butterfield's footprint in Guernsey's fiduciary services market, enhancing long-term growth and competitive positioning.

16 Feb

3 Zacks, 12:20 PM
Rising earnings estimates for Bank of N.T. Butterfield & Son Limited (NTB) signal potential stock price gains amid positive analyst revisions. Rising earnings estimates indicate improved financial outlook, moderately influencing investor sentiment and stock performance.

3 StockStory, 12:33 AM
Butterfield Bank’s Q4 earnings call highlighted top 5 analyst questions on performance, outlook, and strategy. Q4 earnings call analyst questions offer moderate insights into financial performance and investor sentiment.

13 Feb

3 Simply Wall St., 5:36 AM
Bank of N.T. Butterfield & Son Limited (NTB) reported its earnings last week, prompting analysts to raise their price target for the stock to US$57.33. This adjustment reflects positive sentiment regarding the bank's financial performance and future prospects. Analysts' increased price target indicates a moderately noticeable influence on market sentiment and financial performance.

12 Feb

4 Zacks, 12:00 PM
Bank of N.T. Butterfield & Son Limited (NTB) has been upgraded to a Strong Buy rating due to its strong financial performance, robust growth prospects, and favorable market conditions. Analysts highlight the bank's solid balance sheet, increasing loan demand, and effective cost management as key factors contributing to this positive outlook. The upgrade reflects confidence in the bank's ability to navigate economic challenges and capitalize on growth opportunities in the financial sector. The upgrade to Strong Buy indicates significant confidence in the bank's future performance and market positioning.

10 Feb

4 transcript GuruFocus.com, 4:03 PM
Bank of N.T. Butterfield & Son Limited (NTB) reported strong core net earnings for Q4 2025, highlighting robust financial performance driven by increased net interest income and effective cost management. The bank's focus on enhancing customer service and expanding its digital offerings contributed to its positive results. Additionally, the management expressed confidence in sustaining growth and navigating potential market challenges ahead. Strong financial performance and strategic initiatives indicate significant potential for future growth and market positioning.

4 StockStory, 11:46 AM
Bank of N.T. Butterfield & Son Limited reported a focus on fee income growth and expense management in its Q4 results. The bank highlighted ongoing efforts in mergers and acquisitions as part of its strategic outlook. Key financial metrics showed positive trends, indicating a robust operational performance despite market challenges. The management emphasized the importance of maintaining a strong balance sheet while pursuing growth opportunities. Significant strategic moves in fee income and M&A activities are likely to influence the bank's future performance and market positioning.

3 , 10:31 PM
Bank of N.T. Butterfield & Son Limited reported its Q4 earnings, highlighting key financial metrics and performance indicators. The results reflect the bank's position within the regional banking sector, showcasing trends in revenue, net income, and operational efficiency. Comparisons with peers in the industry provide context for Butterfield's performance, indicating both challenges and opportunities in the current economic landscape. Q4 earnings results may moderately influence financial performance and market sentiment but are balanced by broader industry factors.
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