Northern Trust Corporation (NASDAQ:NTRS) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday, July 25th.
A number of other research analysts have also recently weighed in on NTRS. Deutsche Bank AG dropped their target price on shares of Northern Trust Corporation from $94.00 to $93.00 and set a “hold” rating on the stock in a research note on Thursday, April 6th. Jefferies Group LLC upgraded shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and boosted their target price for the company from $90.00 to $102.00 in a research note on Tuesday, April 11th. Credit Suisse Group restated a “hold” rating and set a $90.00 price target on shares of Northern Trust Corporation in a research note on Friday, May 5th. Royal Bank Of Canada restated a “buy” rating and set a $97.00 price target on shares of Northern Trust Corporation in a research note on Wednesday, May 10th. Finally, Bank of America Corporation restated a “buy” rating and set a $98.00 price target (up from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Northern Trust Corporation presently has an average rating of “Hold” and a consensus price target of $94.50.
Shares of Northern Trust Corporation (NTRS) traded up 0.57% during midday trading on Tuesday, reaching $88.79. 1,042,501 shares of the company’s stock traded hands. The firm has a market cap of $20.29 billion, a PE ratio of 20.16 and a beta of 0.92. Northern Trust Corporation has a 12 month low of $66.40 and a 12 month high of $99.30. The stock has a 50-day moving average price of $93.46 and a 200 day moving average price of $89.08.
Northern Trust Corporation (NASDAQ:NTRS) last released its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share. Equities research analysts predict that Northern Trust Corporation will post $4.72 earnings per share for the current year.
Northern Trust Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other news, Vice Chairman William L. Morrison sold 25,000 shares of the stock in a transaction on Friday, May 19th. The shares were sold at an average price of $87.28, for a total value of $2,182,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jana R. Schreuder sold 5,538 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $88.33, for a total transaction of $489,171.54. The disclosure for this sale can be found here. Insiders sold a total of 184,974 shares of company stock worth $17,103,543 in the last three months. Insiders own 1.27% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Northern Trust Corporation by 2,771.9% in the first quarter. BlackRock Inc. now owns 13,279,770 shares of the asset manager’s stock valued at $1,149,760,000 after buying an additional 12,817,363 shares in the last quarter. FMR LLC raised its position in Northern Trust Corporation by 38.4% in the first quarter. FMR LLC now owns 12,370,754 shares of the asset manager’s stock valued at $1,071,060,000 after buying an additional 3,430,332 shares in the last quarter. Findlay Park Partners LLP raised its position in Northern Trust Corporation by 82.8% in the first quarter. Findlay Park Partners LLP now owns 2,742,643 shares of the asset manager’s stock valued at $237,458,000 after buying an additional 1,242,643 shares in the last quarter. Primecap Management Co. CA raised its position in Northern Trust Corporation by 30.2% in the first quarter. Primecap Management Co. CA now owns 2,553,950 shares of the asset manager’s stock valued at $221,121,000 after buying an additional 592,550 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Northern Trust Corporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 13,891,932 shares of the asset manager’s stock valued at $1,202,764,000 after buying an additional 527,025 shares in the last quarter. 83.48% of the stock is currently 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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