State Farm Mutual Automobile Insurance Co. held its stake in Northern Trust Corporation (NASDAQ:NTRS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,655,550 shares of the asset manager’s stock at the close of the 2nd quarter. State Farm Mutual Automobile Insurance Co. owned 2.48% of Northern Trust Corporation worth $549,777,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Tdam USA Inc. boosted its stake in shares of Northern Trust Corporation by 0.4% during the 2nd quarter. Tdam USA Inc. now owns 2,629 shares of the asset manager’s stock worth $255,000 after acquiring an additional 10 shares in the last quarter. Buckingham Asset Management LLC lifted its stake in Northern Trust Corporation by 0.3% in the 1st quarter. Buckingham Asset Management LLC now owns 6,232 shares of the asset manager’s stock valued at $540,000 after buying an additional 20 shares in the last quarter. Creative Planning lifted its stake in Northern Trust Corporation by 0.8% in the 2nd quarter. Creative Planning now owns 2,374 shares of the asset manager’s stock valued at $231,000 after buying an additional 20 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Northern Trust Corporation by 0.8% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,821 shares of the asset manager’s stock valued at $244,000 after buying an additional 21 shares in the last quarter. Finally, Bank of The West lifted its stake in Northern Trust Corporation by 0.7% in the 2nd quarter. Bank of The West now owns 3,506 shares of the asset manager’s stock valued at $341,000 after buying an additional 26 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors.
Northern Trust Corporation (NASDAQ:NTRS) opened at 90.42 on Friday. The stock’s 50 day moving average is $88.43 and its 200 day moving average is $89.76. Northern Trust Corporation has a 12 month low of $66.40 and a 12 month high of $99.30. The company has a market cap of $20.66 billion, a PE ratio of 20.53 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last posted its earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The firm’s quarterly revenue was up .5% on a year-over-year basis. Equities analysts predict that Northern Trust Corporation will post $4.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 1.86%. Northern Trust Corporation’s dividend payout ratio (DPR) is currently 38.18%.
Northern Trust Corporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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In other Northern Trust Corporation news, COO Jana R. Schreuder sold 5,581 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $90.00, for a total transaction of $502,290.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa Parker sold 11,399 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $87.65, for a total transaction of $999,122.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,563 shares of company stock worth $7,814,018. 1.27% of the stock is owned by corporate insiders.
NTRS has been the subject of several analyst reports. Wells Fargo & Company initiated coverage on Northern Trust Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $90.00 price target for the company. BidaskClub downgraded Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Wednesday, July 12th. Buckingham Research restated a “neutral” rating and set a $103.00 price objective (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a report on Thursday, June 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $94.57.
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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