Northern Trust Corporation (NASDAQ:NTRS) issued its quarterly earnings data 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, MarketWatch Earnings reports. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The firm’s revenue was up .5% compared to the same quarter last year. During the same period last year, the business earned $1.09 EPS.
Northern Trust Corporation (NASDAQ:NTRS) traded down 0.46% during midday trading on Friday, reaching $87.26. The company had a trading volume of 946,510 shares. The stock has a 50-day moving average price of $94.11 and a 200 day moving average price of $89.13. Northern Trust Corporation has a 12-month low of $65.92 and a 12-month high of $99.30. The company has a market capitalization of $19.94 billion, a PE ratio of 19.83 and a beta of 0.94.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s payout ratio is presently 34.55%.
A number of research analysts have recently commented on the company. Royal Bank Of Canada restated a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research report on Thursday, June 29th. Jefferies Group LLC upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating and lifted their price target for the company from $90.00 to $102.00 in a report on Tuesday, April 11th. Buckingham Research reiterated a “neutral” rating and set a $103.00 price target (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Finally, BidaskClub raised Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $94.50.
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In related news, Chairman Frederick H. Waddell sold 205,923 shares of the business’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $90.46, for a total value of $18,627,794.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen N. Potter sold 28,469 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $99.08, for a total value of $2,820,708.52. The disclosure for this sale can be found here. Insiders sold a total of 385,359 shares of company stock valued at $35,242,166 over the last ninety days. 1.27% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. BlackRock Inc. raised its stake in shares of 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 in the last quarter. FMR LLC raised its stake in shares of 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 in the last quarter. JPMorgan Chase & Co. raised its stake in shares of 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 in the last quarter. Finally, Findlay Park Partners LLP raised its stake in shares of 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 in the last quarter. 82.90% of the stock is owned by hedge funds and other institutional investors.
Northern Trust Corporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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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