Offshore banking group Butterfield Bank (NYSE: NTB) will be announcing earnings results this Tuesday afternoon. Here’s what to expect.
Butterfield Bank beat analysts’ revenue expectations last quarter, reporting revenues of $158.9 million, up 4.6% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ revenue and tangible book value per share estimates.
Is Butterfield Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Butterfield Bank’s revenue to grow 1.6% year on year, slowing from the 3.9% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Butterfield Bank has a history of exceeding Wall Street’s expectations.
Looking at Butterfield Bank’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and Republic Bancorp reported a revenue decline of 11.3%, falling short of estimates by 4.8%. OFG Bancorp traded up 7.6% following the results while Republic Bancorp was also up 1.4%.
Read our full analysis of OFG Bancorp’s results here and Republic Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.1% on average over the last month. Butterfield Bank is up 7.9% during the same time and is heading into earnings with an average analyst price target of $57.33 (compared to the current share price of $55.87).
WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it.
This is what the early days of Palantir looked like before it became a $437 billion giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE.
