N.T. Butterfield price target raised to $48 from $40 at Wells Fargo

Wells Fargo analyst Timur Braziler raised the firm’s price target on N.T. Butterfield to $48 from $40 and keeps an Overweight rating on the shares. The firm views N.T. Butterfield as the best capital return story in the space, as the current 5.3% dividend yield is again paired with a buyback. The conservative balance sheet and capital return makes N.T. Butterfield among Wells’ favorite names for 2023.