Bank of America Corporation set a $102.00 price objective on Northern Trust Corporation (NASDAQ:NTRS) in a report published on Thursday, October 19th. The firm currently has a buy rating on the asset manager’s stock.
Several other research firms also recently weighed in on NTRS. Buckingham Research reaffirmed a neutral rating and issued a $103.00 price objective (up previously from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. BidaskClub raised shares of Northern Trust Corporation from a buy rating to a strong-buy rating in a report on Wednesday, July 5th. Zacks Investment Research raised shares of Northern Trust Corporation from a hold rating to a buy rating and set a $110.00 price objective for the company in a report on Wednesday, July 12th. Morgan Stanley reaffirmed an underweight rating and issued a $86.00 price objective (up previously from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Finally, Royal Bank Of Canada reaffirmed a buy rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $97.07.
Northern Trust Corporation (NTRS) traded down $1.81 during trading on Thursday, hitting $92.41. 752,699 shares of the stock traded hands, compared to its average volume of 1,250,000. The company has a market capitalization of $21,450.00, a price-to-earnings ratio of 20.61, a P/E/G ratio of 2.08 and a beta of 0.96. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.37. Northern Trust Corporation has a fifty-two week low of $72.91 and a fifty-two week high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, October 18th. The asset manager reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.08. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Northern Trust Corporation had a net margin of 20.27% and a return on equity of 12.33%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 earnings per share. research analysts expect that Northern Trust Corporation will post 4.68 earnings per share for the current year.
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Northern Trust Corporation announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 18th that allows the company to repurchase 9,500,000 shares. This repurchase authorization allows the asset manager to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 1st will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Thursday, November 30th. Northern Trust Corporation’s payout ratio is 37.09%.
In other Northern Trust Corporation news, Vice Chairman William L. Morrison sold 11,058 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $94.34, for a total transaction of $1,043,211.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Aileen B. Blake sold 1,000 shares of the company’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $94.00, for a total transaction of $94,000.00. The disclosure for this sale can be found here. Insiders sold a total of 345,844 shares of company stock valued at $32,418,879 over the last three months. 1.27% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. Marble Harbor Investment Counsel LLC lifted its stake in Northern Trust Corporation by 0.7% during the third quarter. Marble Harbor Investment Counsel LLC now owns 111,300 shares of the asset manager’s stock valued at $10,232,000 after buying an additional 750 shares in the last quarter. Thompson Investment Management Inc. increased its holdings in shares of Northern Trust Corporation by 1.0% in the 3rd quarter. Thompson Investment Management Inc. now owns 66,165 shares of the asset manager’s stock valued at $6,083,000 after purchasing an additional 685 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Northern Trust Corporation by 36.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,601 shares of the asset manager’s stock valued at $423,000 after purchasing an additional 1,218 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Northern Trust Corporation by 152.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 228,441 shares of the asset manager’s stock valued at $20,998,000 after purchasing an additional 137,991 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Northern Trust Corporation by 14.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,965,535 shares of the asset manager’s stock valued at $180,691,000 after purchasing an additional 255,106 shares during the period. 82.23% of the stock is owned by institutional investors.
About Northern Trust Corporation
Northern Trust Corporation is a financial holding company. The Company provides asset servicing, fund administration, asset management, fiduciary and banking solutions for corporations, institutions, families and individuals across the world. Its segments include Corporate & Institutional Services (C&IS), Wealth Management, and Treasury and Other.
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