Northern Trust Corporation (NTRS) Price Target Cut to $93.00 by Analysts at Deutsche Bank AG

Northern Trust Corporation (NASDAQ:NTRS) had its price target dropped by Deutsche Bank AG from $103.00 to $93.00 in a report released on Thursday, July 20th. The brokerage currently has a “hold” rating on the asset manager’s stock. Deutsche Bank AG’s price target suggests a potential upside of 6.27% from the stock’s current price.

A number of other brokerages have also issued reports on NTRS. Bank of America Corp decreased their target price on shares of Northern Trust Corporation from $106.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Zacks Investment Research raised shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Wednesday, July 12th. 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 note on Monday, July 10th. BidaskClub lowered shares of Northern Trust Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Credit Suisse Group reissued a “hold” rating and set a $90.00 target price on shares of Northern Trust Corporation in a research report on Friday, May 5th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $94.50.

Shares of Northern Trust Corporation (NASDAQ:NTRS) traded up 0.54% during midday trading on Thursday, hitting $87.98. The company had a trading volume of 126,390 shares. The firm has a market capitalization of $20.10 billion, a PE ratio of 19.97 and a beta of 0.94. The company has a 50-day moving average of $93.99 and a 200 day moving average of $89.11. Northern Trust Corporation has a 12 month low of $65.92 and a 12 month high of $99.30.

Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by $0.05. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts expect that Northern Trust Corporation will post $4.73 EPS for the current fiscal year.

Northern Trust Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

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In related news, Chairman Frederick H. Waddell sold 205,923 shares of Northern Trust Corporation stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $90.46, for a total transaction of $18,627,794.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Susan Gillian Pembleton sold 9,793 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $88.29, for a total transaction of $864,623.97. 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 in the last quarter. Corporate insiders own 1.27% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Parametrica Management Ltd purchased a new position in shares of Northern Trust Corporation during the first quarter worth about $567,000. Bank of Montreal Can increased its position 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. Chesley Taft & Associates LLC increased its position in shares of Northern Trust Corporation by 0.9% in the first quarter. Chesley Taft & Associates LLC now owns 72,234 shares of the asset manager’s stock worth $6,254,000 after buying an additional 627 shares during the period. Creative Planning increased its position in 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 last quarter. Finally, Confluence Investment Management LLC increased its position in Northern Trust Corporation by 1.2% in the first quarter. Confluence Investment Management LLC now owns 1,029,300 shares of the asset manager’s stock worth $89,117,000 after buying an additional 12,540 shares during the last quarter. Hedge funds and other institutional investors own 83.41% 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.