Zacks Investment Research upgraded shares of Northern Trust Corporation (NASDAQ:NTRS) from a hold rating to a buy rating in a report issued on Wednesday. The brokerage currently has $110.00 price target on the asset manager’s stock.
According to Zacks, “Northern Trust shares outperformed the Zacks categorized Major Regional Banks industry over the past one year. The company continues to benefit from its strong wealth management operations with diversified products. Notably, its deal to acquire fund administration services in Luxembourg and Switzerland will further support its financials. Also, the company raised its prime lending rate to 4.25%, following the recent Fed interest rate hike, reflecting easing margin pressure aiding revenues. Moreover, approval of 2017 capital plan, expected lesser regulations and steady capital deployment activites are other positives. However, despite undertaking cost savings measures, mounting expenses continue to hurt the company's financials. Further, potential unfavorable changes in global market conditions remain other major headwinds.”
NTRS has been the topic of several other reports. Deutsche Bank AG lowered their price objective on Northern Trust Corporation from $94.00 to $93.00 and set a hold rating on the stock in a report on Thursday, April 6th. Credit Suisse Group reiterated a hold rating and issued a $90.00 price objective on shares of Northern Trust Corporation in a report on Sunday, May 28th. Morgan Stanley reiterated an underweight rating and issued a $86.00 price objective (up from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Bank of America Corporation reiterated a buy rating and issued a $98.00 price objective (up from $61.32) on shares of Northern Trust Corporation in a report on Friday, May 26th. Finally, Royal Bank Of Canada reiterated a buy rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a report on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $93.67.
Shares of Northern Trust Corporation (NASDAQ NTRS) traded down 0.08% during trading on Wednesday, reaching $98.03. The company had a trading volume of 623,686 shares. The stock’s 50-day moving average price is $90.99 and its 200-day moving average price is $88.46. Northern Trust Corporation has a 52 week low of $65.15 and a 52 week high of $99.30. The company has a market capitalization of $22.51 billion, a PE ratio of 22.36 and a beta of 0.94.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Tuesday, April 25th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.02. Northern Trust Corporation had a return on equity of 11.96% and a net margin of 20.20%. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the firm posted $0.99 EPS. Northern Trust Corporation’s revenue was up 8.1% compared to the same quarter last year. On average, equities analysts expect that Northern Trust Corporation will post $4.82 EPS for the current fiscal year.
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Northern Trust Corporation declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Friday, June 2nd were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Wednesday, May 31st. Northern Trust Corporation’s dividend payout ratio is presently 34.78%.
In related news, insider Stephen N. Potter sold 28,469 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $99.08, for a total value of $2,820,708.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman William L. Morrison sold 25,000 shares of the company’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 458,002 shares of company stock worth $41,937,824 over the last quarter. 1.27% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kings Point Capital Management acquired a new position in Northern Trust Corporation during the first quarter worth approximately $101,000. Trust Department MB Financial Bank N A boosted its position in Northern Trust Corporation by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock worth $101,000 after buying an additional 72 shares in the last quarter. Advisory Services Network LLC acquired a new position in Northern Trust Corporation during the first quarter worth approximately $117,000. Jolley Asset Management LLC boosted its position in Northern Trust Corporation by 25.9% in the first quarter. Jolley Asset Management LLC now owns 1,700 shares of the asset manager’s stock worth $147,000 after buying an additional 350 shares in the last quarter. Finally, Atria Investments LLC acquired a new position in Northern Trust Corporation during the second quarter worth approximately $200,000. Hedge funds and other institutional investors own 82.88% 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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