Northern Trust Corporation (NASDAQ:NTRS) – Equities research analysts at Jefferies Group reduced their FY2017 earnings per share estimates for Northern Trust Corporation in a report issued on Wednesday. Jefferies Group analyst K. Usdin now anticipates that the asset manager will post earnings of $4.75 per share for the year, down from their prior estimate of $5.00. Jefferies Group has a “Buy” rating and a $102.00 price objective on the stock. Jefferies Group also issued estimates for Northern Trust Corporation’s FY2018 earnings at $5.25 EPS.
Several other equities analysts have also recently commented on NTRS. Deutsche Bank AG cut their price target on Northern Trust Corporation from $94.00 to $93.00 and set a “hold” rating for the company in a report on Thursday, April 6th. Credit Suisse Group reaffirmed a “hold” rating and issued a $90.00 price target on shares of Northern Trust Corporation in a report on Friday, May 5th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a report on Wednesday, May 10th. Bank of America Corporation reaffirmed a “buy” rating and issued a $98.00 price target (up previously from $61.32) on shares of Northern Trust Corporation in a report on Friday, May 26th. Finally, Zacks Investment Research cut Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Northern Trust Corporation has a consensus rating of “Hold” and an average price target of $94.50.
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Northern Trust Corporation (NASDAQ:NTRS) opened at 87.84 on Friday. Northern Trust Corporation has a 12 month low of $65.92 and a 12 month high of $99.30. The stock has a 50 day moving average price of $94.30 and a 200 day moving average price of $89.21. The firm has a market cap of $20.17 billion, a price-to-earnings ratio of 20.03 and a beta of 0.94.
Northern Trust Corporation (NASDAQ:NTRS) last issued its 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 during 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%. Northern Trust Corporation’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be paid a $0.42 dividend. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio is currently 34.55%.
Northern Trust Corporation announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, Chairman Frederick H. Waddell sold 205,923 shares of the stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $90.46, for a total transaction of $18,627,794.58. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Susan Gillian Pembleton sold 9,793 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $88.29, for a total value of $864,623.97. The disclosure for this sale can be found here. Over the last quarter, insiders sold 458,002 shares of company stock worth $41,937,824. Corporate insiders own 1.27% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NTRS. Vanguard Group Inc. raised 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 worth $1,202,764,000 after buying an additional 527,025 shares during the period. BlackRock Inc. raised 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 worth $1,149,760,000 after buying an additional 12,817,363 shares during the period. FMR LLC raised 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 worth $1,071,060,000 after buying an additional 3,430,332 shares during the period. JPMorgan Chase & Co. raised 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 worth $712,287,000 after buying an additional 68,263 shares during the period. Finally, Findlay Park Partners LLP raised 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 worth $237,458,000 after buying an additional 1,242,643 shares during the period. Institutional investors and hedge funds own 82.88% 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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