BidaskClub upgraded shares of Northern Trust Corporation (NASDAQ:NTRS) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning.
NTRS has been the topic of a number of other reports. 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. Credit Suisse Group reiterated a hold rating and issued a $90.00 target price on shares of Northern Trust Corporation in a research note on Sunday, May 28th. Bank of America Corporation reiterated a buy rating and issued a $98.00 target price (up from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Zacks Investment Research cut shares of Northern Trust Corporation from a buy rating to a hold rating in a research note on Tuesday, June 6th. Finally, Royal Bank Of Canada reiterated a buy rating and issued a $97.00 target price on shares of Northern Trust Corporation in a research note on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $90.18.
Northern Trust Corporation (NASDAQ:NTRS) opened at 95.30 on Wednesday. The company has a 50-day moving average of $89.93 and a 200-day moving average of $88.03. Northern Trust Corporation has a 52 week low of $61.32 and a 52 week high of $95.63. The firm has a market capitalization of $21.88 billion, a price-to-earnings ratio of 21.73 and a beta of 0.97.
Northern Trust Corporation (NASDAQ:NTRS) last released its earnings results on Tuesday, April 25th. The asset manager reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Northern Trust Corporation had a net margin of 20.20% and a return on equity of 11.96%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 earnings per share. On average, equities analysts forecast that Northern Trust Corporation will post $4.81 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Investors of record on Friday, June 2nd will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Wednesday, May 31st. Northern Trust Corporation’s dividend payout ratio (DPR) is presently 34.78%.
In related news, Vice Chairman William L. Morrison sold 41,965 shares of the company’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 transaction of $3,856,163.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Clair Joyce St sold 17,406 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $90.46, for a total transaction of $1,574,546.76. The disclosure for this sale can be found here. Insiders have sold a total of 381,423 shares of company stock worth $34,537,044 in the last ninety days. 1.27% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake 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 worth $1,202,764,000 after buying an additional 527,025 shares during the period. BlackRock Inc. raised its stake 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 worth $1,149,760,000 after buying an additional 12,817,363 shares during the period. FMR LLC raised its stake 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 worth $1,071,060,000 after buying an additional 3,430,332 shares during the period. JPMorgan Chase & Co. raised its stake in Northern Trust Corporation by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 8,226,919 shares of the asset manager’s stock worth $712,287,000 after buying an additional 68,263 shares during the period. Finally, Findlay Park Partners LLP raised its stake 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 worth $237,458,000 after buying an additional 1,242,643 shares during the period. 82.90% of the stock is currently owned by institutional investors and hedge funds.
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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