Northern Trust Corporation (NASDAQ:NTRS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, September 13th.
According to Zacks, “Shares of Northern Trust have underperformed the industry year to date. This is backed by disappointing earnings surprise history. The company has missed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Northern Trust continues to benefit from its strong wealth management operations with diversified products. Also, the rising interest-rate environment has eased margin pressure aiding revenues. Moreover, approval of 2017 capital plan, expected lesser regulations and steady capital deployment activities are other positives. However, despite undertaking cost-savings measures, mounting expenses continue to hurt the company's financials. Moreover, unstable economic environment is a headwind.”
A number of other research firms also recently issued reports on NTRS. Buckingham Research restated a “neutral” rating and issued a $103.00 target price (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. BidaskClub upgraded shares of Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 5th. Morgan Stanley reiterated an “underweight” rating and set a $86.00 price objective (up from $80.00) on shares of Northern Trust Corporation in a research note on Friday, July 7th. Royal Bank Of Canada reiterated a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research note on Thursday, June 29th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $102.00 price objective on shares of Northern Trust Corporation in a research note on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $96.23.
Shares of Northern Trust Corporation (NTRS) opened at 90.42 on Wednesday. Northern Trust Corporation has a 52 week low of $66.40 and a 52 week high of $99.30. The stock has a market cap of $20.66 billion, a price-to-earnings ratio of 20.53 and a beta of 0.92. The firm has a 50-day moving average price of $88.43 and a 200-day moving average price of $89.76.
Northern Trust Corporation (NASDAQ:NTRS) last released its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $1.09 earnings per share. Northern Trust Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current year.
Northern Trust Corporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the asset manager to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other Northern Trust Corporation news, insider Stephen N. Potter sold 28,469 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $99.08, for a total transaction of $2,820,708.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert P. Browne sold 11,000 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $90.21, for a total transaction of $992,310.00. The disclosure for this sale can be found here. Insiders have sold 84,563 shares of company stock valued at $7,814,018 in the last 90 days. Insiders own 1.27% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NTRS. Kings Point Capital Management acquired a new position in Northern Trust Corporation during the first quarter valued at approximately $101,000. Salem Investment Counselors Inc. grew its holdings in Northern Trust Corporation by 8.3% during the second quarter. Salem Investment Counselors Inc. now owns 1,083 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 83 shares during the last quarter. Huntington National Bank boosted its position in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock valued at $106,000 after acquiring an additional 382 shares during the period. Dupont Capital Management Corp bought a new stake in shares of Northern Trust Corporation in the second quarter valued at approximately $107,000. Finally, MPS Loria Financial Planners LLC bought a new stake in shares of Northern Trust Corporation in the second quarter valued at approximately $134,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.
Northern Trust Corporation Company Profile
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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