N.T. Butterfield price target lowered to $30 from $35 at Wells Fargo

Wells Fargo lowered the firm’s price target on N.T. Butterfield to $30 from $35 and keeps an Overweight rating on the shares. A 7% dividend yield, healthy buyback, conservative balance sheet, and 24% FY24 ROTCE estimate keep Wells recommending N.T. Butterfield. Earnings are pressured the next few quarters, but capital returns more than make up for it, the firm adds.