Country Trust Bank Holds Stake in Northern Trust Corporation (NASDAQ:NTRS)

Country Trust Bank continued to hold its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,470 shares of the asset manager’s stock at the end of the second quarter. Country Trust Bank’s holdings in Northern Trust Corporation were worth $240,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in NTRS. Buckingham Asset Management LLC raised its stake in shares of Northern Trust Corporation by 0.3% in the first 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 during the period. Creative Planning raised its stake in shares of Northern Trust Corporation by 0.8% in the second quarter. Creative Planning now owns 2,374 shares of the asset manager’s stock valued at $231,000 after buying an additional 20 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Northern Trust Corporation by 0.8% in the first 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 during the period. Bank of The West raised its stake in shares of Northern Trust Corporation by 0.7% in the second 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 during the period. Finally, Greenleaf Trust raised its stake in shares of Northern Trust Corporation by 0.7% in the second quarter. Greenleaf Trust now owns 8,185 shares of the asset manager’s stock valued at $796,000 after buying an additional 56 shares during the period. Institutional investors and hedge funds own 82.90% of the company’s stock.

Shares of Northern Trust Corporation (NTRS) traded up 0.57% during trading on Friday, reaching $87.93. 1,149,151 shares of the company’s stock were exchanged. The stock has a market capitalization of $20.09 billion, a price-to-earnings ratio of 19.96 and a beta of 0.92. Northern Trust Corporation has a 52 week low of $66.40 and a 52 week high of $99.30. The stock has a 50 day moving average price of $91.52 and a 200-day moving average price of $89.38.

Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business earned $1.09 earnings per share. Northern Trust Corporation’s revenue for the quarter was up .5% on a year-over-year basis. Analysts predict that Northern Trust Corporation will post $4.72 earnings per share for the current year.

Northern Trust Corporation announced that its board has initiated a stock 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 repurchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be paid a dividend of $0.42 per share. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is currently 34.55%.

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Several brokerages have recently issued reports on NTRS. BidaskClub upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Royal Bank Of Canada restated a “buy” rating and set a $97.00 price target on shares of Northern Trust Corporation in a research report on Thursday, June 29th. Jefferies Group LLC restated a “buy” rating and set a $102.00 price target on shares of Northern Trust Corporation in a research report on Wednesday, May 17th. Buckingham Research restated a “neutral” rating and set a $103.00 price target (up from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. Finally, Zacks Investment Research lowered shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Northern Trust Corporation currently has an average rating of “Hold” and a consensus price target of $94.15.

In related news, Vice Chairman William L. Morrison sold 41,965 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $91.89, for a total value of $3,856,163.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Aileen B. Blake sold 7,762 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $88.45, for a total transaction of $686,548.90. The disclosure for this sale can be found here. Insiders have sold a total of 167,736 shares of company stock worth $15,608,092 over the last ninety days. 1.27% of the stock is owned by corporate insiders.

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.

Institutional Ownership by Quarter for Northern Trust Corporation (NASDAQ:NTRS)

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