Northern Trust (NTRS) Downgraded by Bank of America

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Bank of America lowered shares of Northern Trust (NASDAQ:NTRS) from a buy rating to a neutral rating in a report issued on Friday morning, Marketbeat.com reports. They currently have $84.89 price target on the asset manager’s stock.

Several other brokerages have also recently commented on NTRS. BidaskClub cut Northern Trust from a hold rating to a sell rating in a report on Wednesday, October 17th. Buckingham Research dropped their target price on Northern Trust from $119.00 to $114.00 and set a neutral rating on the stock in a report on Thursday, October 18th. Raymond James dropped their target price 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. Sandler O’Neill raised Northern Trust from a hold rating to a buy rating and set a $114.00 target price on the stock in a report on Thursday, October 18th. Finally, UBS Group boosted their target price on Northern Trust from $124.00 to $125.00 and gave the stock a buy rating in a report on Monday, October 8th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $114.05.

NTRS opened at $85.65 on Friday. The company has a market cap of $18.84 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 1.07 and a beta of 1.08. 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 has a twelve month low of $75.96 and a twelve month high of $115.61.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, October 17th. The asset manager reported $1.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.03). The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.52 billion. Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. As a group, analysts anticipate that Northern Trust will post 6.55 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Thursday, December 13th. Northern Trust’s dividend payout ratio is 45.55%.

A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley increased its holdings in shares of Northern Trust by 112.2% during the 3rd quarter. Morgan Stanley now owns 1,933,544 shares of the asset manager’s stock worth $197,472,000 after purchasing an additional 1,022,270 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Northern Trust by 118.1% during the 3rd quarter. Mackenzie Financial Corp now owns 1,852,696 shares of the asset manager’s stock worth $189,216,000 after purchasing an additional 1,003,404 shares during the period. Glenmede Trust Co. NA increased its holdings in shares of Northern Trust by 169.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,494,466 shares of the asset manager’s stock worth $152,628,000 after purchasing an additional 939,075 shares during the period. Vanguard Group Inc increased its holdings in shares of Northern Trust by 3.5% during the 3rd quarter. Vanguard Group Inc now owns 15,444,690 shares of the asset manager’s stock worth $1,577,366,000 after purchasing an additional 517,705 shares during the period. Finally, Federated Investors Inc. PA increased its holdings in shares of Northern Trust by 133.1% during the 3rd quarter. Federated Investors Inc. PA now owns 674,967 shares of the asset manager’s stock worth $68,935,000 after purchasing an additional 385,455 shares during the period. 79.11% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: Market Capitalization and Individual Investors

Analyst Recommendations for Northern Trust (NASDAQ:NTRS)

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