Analysts at Wells Fargo & Company started coverage on shares of Northern Trust Corporation (NASDAQ:NTRS) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set a “market perform” rating and a $90.00 price target on the asset manager’s stock. Wells Fargo & Company’s target price would suggest a potential upside of 0.85% from the company’s previous close.
Other equities analysts also recently issued research reports about the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a research report on Thursday, June 29th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Northern Trust Corporation in a research report on Wednesday, May 17th. Buckingham Research reaffirmed a “neutral” rating and issued a $103.00 price objective (up previously from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. Zacks Investment Research downgraded Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Finally, BidaskClub raised Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $94.15.
Shares of Northern Trust Corporation (NTRS) traded down 1.84% on Wednesday, hitting $87.60. 268,833 shares of the stock traded hands. Northern Trust Corporation has a 52-week low of $66.40 and a 52-week high of $99.30. The firm has a market cap of $20.02 billion, a PE ratio of 19.89 and a beta of 0.92. The firm has a 50 day moving average price of $92.94 and a 200 day moving average price of $89.19.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by $0.05. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The business’s revenue was up .5% compared to the same quarter last year. During the same period last year, the company earned $1.09 EPS. On average, equities analysts forecast that Northern Trust Corporation will post $4.72 EPS for the current year.
Northern Trust Corporation announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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In other Northern Trust Corporation news, Vice Chairman William L. Morrison sold 25,000 shares of the company’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jana R. Schreuder sold 5,538 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $88.33, for a total value of $489,171.54. The disclosure for this sale can be found here. Insiders sold a total of 184,974 shares of company stock valued at $17,103,543 over the last quarter. Company insiders own 1.27% of the company’s stock.
Large investors have recently modified their holdings of the company. Creative Planning boosted its stake in shares of Northern Trust Corporation by 117.8% in the first quarter. Creative Planning now owns 2,354 shares of the asset manager’s stock worth $204,000 after buying an additional 1,273 shares during the period. Bank of Montreal Can boosted its stake in shares of Northern Trust Corporation by 49.1% in the first quarter. Bank of Montreal Can now owns 1,043,696 shares of the asset manager’s stock worth $90,365,000 after buying an additional 343,687 shares during the period. Parametrica Management Ltd bought a new stake in shares of Northern Trust Corporation during the first quarter worth $567,000. Reilly Financial Advisors LLC boosted its stake in shares of Northern Trust Corporation by 3.5% in the first quarter. Reilly Financial Advisors LLC now owns 110,632 shares of the asset manager’s stock worth $9,579,000 after buying an additional 3,713 shares during the period. Finally, Jolley Asset Management LLC boosted its stake in shares of 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 during the period. Hedge funds and other institutional investors own 83.48% of the company’s stock.
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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