Northern Trust Corporation (NASDAQ:NTRS) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday.
Other equities analysts have also issued reports about the company. Jefferies Group LLC upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating and increased their price objective for the company from $90.00 to $102.00 in a research report on Tuesday, April 11th. Royal Bank Of Canada reiterated a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research report on Wednesday, May 10th. Bank of America Corporation reiterated a “buy” rating and set a $98.00 price objective (up from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Zacks Investment Research upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Wednesday, July 12th. Finally, Credit Suisse Group reiterated a “hold” rating and set a $90.00 price objective on shares of Northern Trust Corporation in a research report on Sunday, May 28th. Three investment analysts have rated the stock with a sell rating, six 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 currently has a consensus rating of “Hold” and a consensus target price of $94.50.
Shares of Northern Trust Corporation (NTRS) traded up 0.18% during mid-day trading on Tuesday, hitting $88.06. The stock had a trading volume of 451,678 shares. The stock has a market cap of $20.12 billion, a P/E ratio of 20.01 and a beta of 0.94. Northern Trust Corporation has a 12 month low of $65.92 and a 12 month high of $99.30. The firm has a 50 day moving average price of $94.24 and a 200-day moving average price of $89.15.
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 consensus estimate of $1.23 by $0.05. The firm had revenue of $1.33 billion for 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%. Northern Trust Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the company posted $1.09 earnings per share. On average, equities research analysts forecast that Northern Trust Corporation will post $4.73 EPS for the current year.
Northern Trust Corporation announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In related news, insider Clair Joyce St sold 17,406 shares of the stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $90.46, for a total transaction of $1,574,546.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Frederick H. Waddell sold 205,923 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $90.46, for a total value of $18,627,794.58. The disclosure for this sale can be found here. Insiders have sold a total of 402,765 shares of company stock valued at $36,816,713 over the last 90 days. 1.27% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted 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 valued at $1,202,764,000 after buying an additional 527,025 shares during the period. BlackRock Inc. boosted 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 valued at $1,149,760,000 after buying an additional 12,817,363 shares during the period. FMR LLC boosted 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 valued at $1,071,060,000 after buying an additional 3,430,332 shares during the period. JPMorgan Chase & Co. boosted 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 valued at $712,287,000 after buying an additional 68,263 shares during the period. Finally, Findlay Park Partners LLP boosted 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 valued at $237,458,000 after buying an additional 1,242,643 shares during the period. Institutional investors own 82.90% 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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