Northern Trust (NTRS) Upgraded at Wells Fargo & Co

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Wells Fargo & Co upgraded shares of Northern Trust (NASDAQ:NTRS) from a market perform rating to an outperform rating in a research note released on Wednesday morning, Marketbeat.com reports. Wells Fargo & Co currently has $126.00 price objective on the asset manager’s stock.

A number of other research analysts also recently issued reports on the company. BidaskClub downgraded Northern Trust from a hold rating to a sell rating in a report on Wednesday, October 17th. UBS Group lifted their price target on Northern Trust from $124.00 to $125.00 and gave the company a buy rating in a report on Monday, October 8th. Raymond James cut their price target on Northern Trust from $122.00 to $115.00 and set a strong-buy rating on the stock in a report on Thursday, October 18th. Wolfe Research started coverage on Northern Trust in a report on Tuesday, September 25th. They issued a market perform rating on the stock. Finally, Credit Suisse Group lifted their price target on Northern Trust from $112.00 to $114.00 and gave the company a neutral rating in a report on Friday, August 10th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $118.24.

Shares of NASDAQ:NTRS traded down $1.16 on Wednesday, reaching $97.94. The company had a trading volume of 692,293 shares, compared to its average volume of 1,667,092. Northern Trust has a 52-week low of $87.98 and a 52-week high of $115.61. The company has a market capitalization of $21.78 billion, a PE ratio of 20.28, a P/E/G ratio of 1.26 and a beta of 0.97. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.36.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results on Wednesday, October 17th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.03). Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the business posted $1.20 earnings per share. The company’s revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Northern Trust will post 6.59 EPS for the current year.

Northern Trust declared that its Board of Directors has authorized a stock buyback program on Tuesday, July 17th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be paid a dividend of $0.55 per share. The ex-dividend date is Thursday, December 13th. This represents a $2.20 annualized dividend and a yield of 2.25%. Northern Trust’s dividend payout ratio (DPR) is 45.55%.

A number of hedge funds have recently made changes to their positions in the stock. Hexavest Inc. lifted its position in Northern Trust by 26.6% during the 3rd quarter. Hexavest Inc. now owns 2,319 shares of the asset manager’s stock worth $237,000 after acquiring an additional 487 shares during the period. Advisor Partners LLC lifted its position in Northern Trust by 8.9% during the 2nd quarter. Advisor Partners LLC now owns 6,468 shares of the asset manager’s stock worth $666,000 after acquiring an additional 530 shares during the period. World Asset Management Inc lifted its position in Northern Trust by 4.0% during the 3rd quarter. World Asset Management Inc now owns 13,870 shares of the asset manager’s stock worth $1,417,000 after acquiring an additional 539 shares during the period. Raymond James Trust N.A. lifted its position in Northern Trust by 16.3% during the 3rd quarter. Raymond James Trust N.A. now owns 4,040 shares of the asset manager’s stock worth $413,000 after acquiring an additional 566 shares during the period. Finally, Boston Advisors LLC lifted its position in Northern Trust by 27.8% during the 2nd quarter. Boston Advisors LLC now owns 2,760 shares of the asset manager’s stock worth $284,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

About Northern Trust

Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.

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Analyst Recommendations for Northern Trust (NASDAQ:NTRS)

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