N.T. Butterfield price target raised to $38 from $34 at Piper Sandler

Piper Sandler analyst Alexander Twerdahl raised the firm’s price target on N.T. Butterfield to $38 from $34 and keeps an Overweight rating on the shares. The firm notes the company is another unique bank, differentiated from the pack by its strong profitability, low-risk density balance sheet, and attractive capital return. The results from Q1 reinforced all of these attributes and coming out of the quarter, Piper is lifting its EPS estimates for 2024 and 2025.