Walter & Keenan Financial Consulting Co. MI ADV maintained its position in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, Holdings Channel reports. The firm owned 42,657 shares of the asset manager’s stock at the end of the second quarter. Northern Trust Corporation makes up approximately 2.1% of Walter & Keenan Financial Consulting Co. MI ADV’s portfolio, making the stock its 10th largest position. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Northern Trust Corporation were worth $4,147,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Huntington National Bank increased its position in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock worth $106,000 after buying an additional 382 shares in the last quarter. Kings Point Capital Management purchased a new position in shares of Northern Trust Corporation during the first quarter worth approximately $101,000. Trust Department MB Financial Bank N A increased its position in shares of 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 purchased a new position in shares of Northern Trust Corporation during the first quarter worth approximately $117,000. Finally, Bessemer Group Inc. increased its position in shares of Northern Trust Corporation by 16.9% in the second quarter. Bessemer Group Inc. now owns 1,461 shares of the asset manager’s stock worth $143,000 after buying an additional 211 shares in the last quarter. Institutional investors and hedge funds own 83.48% of the company’s stock.
Northern Trust Corporation (NASDAQ:NTRS) opened at 89.24 on Thursday. The company has a 50-day moving average of $92.94 and a 200 day moving average of $89.19. The firm has a market cap of $20.39 billion, a P/E ratio of 20.26 and a beta of 0.92. Northern Trust Corporation has a one year low of $66.40 and a one year high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly 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. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the firm earned $1.09 EPS. Equities research analysts expect that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
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 given a dividend of $0.42 per share. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.68 annualized dividend and a yield of 1.88%. Northern Trust Corporation’s payout ratio is 34.55%.
Northern Trust Corporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the asset manager to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. BidaskClub downgraded shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Wells Fargo & Company assumed coverage on shares of Northern Trust Corporation in a report on Wednesday. They issued a “market perform” rating and a $90.00 target price for the company. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $86.00 target price (down from $91.00) on shares of Northern Trust Corporation in a report on Saturday, July 22nd. Finally, 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 report on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Northern Trust Corporation presently has a consensus rating of “Hold” and a consensus price target of $94.15.
In other Northern Trust Corporation news, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $87.28, for a total transaction of $2,182,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jana R. Schreuder sold 5,538 shares of Northern Trust Corporation stock in a transaction that occurred 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. In the last ninety days, insiders have sold 184,974 shares of company stock worth $17,103,543. 1.27% of the stock is currently owned by corporate insiders.
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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