Northern Trust Co. (NASDAQ:NTRS) had its price objective dropped by equities researchers at Morgan Stanley from $86.00 to $83.00 in a research report issued on Thursday. The brokerage currently has an “underweight” rating on the asset manager’s stock. Morgan Stanley’s target price suggests a potential downside of 5.14% from the company’s previous close.
A number of other analysts have also commented on the company. Deutsche Bank AG cut their price target on Northern Trust from $94.00 to $93.00 and set a “hold” rating on the stock in a report on Thursday, April 6th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 target price on shares of Northern Trust in a report on Sunday, May 28th. Bank of America Corporation reiterated a “buy” rating and set a $98.00 target price (up previously from $61.32) on shares of Northern Trust in a report on Friday, May 26th. Zacks Investment Research lowered Northern Trust from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $97.00 price target on shares of Northern Trust in a research report on Wednesday, May 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $93.08.
Shares of Northern Trust (NASDAQ:NTRS) traded down 1.92% on Thursday, reaching $87.50. The company had a trading volume of 4,028,543 shares. Northern Trust has a 12 month low of $65.92 and a 12 month high of $99.30. The company’s 50-day moving average is $94.30 and its 200 day moving average is $89.21. The firm has a market capitalization of $20.09 billion, a PE ratio of 19.95 and a beta of 0.94.
Northern Trust (NASDAQ:NTRS) last 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. Northern Trust had a net margin of 19.18% and a return on equity of 11.30%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. The company’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts forecast that Northern Trust will post $4.82 earnings per share for the current year.
Northern Trust declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
In other news, Vice Chairman William L. Morrison sold 25,000 shares of the business’s stock in a transaction on Friday, May 19th. The shares were 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Clair Joyce St sold 17,406 shares of the business’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $90.46, for a total transaction of $1,574,546.76. The disclosure for this sale can be found here. Insiders sold a total of 458,002 shares of company stock valued at $41,937,824 over the last quarter. 1.27% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Northern Trust during the fourth quarter worth approximately $23,065,000. RMB Capital Management LLC raised its position in Northern Trust by 135.9% in the fourth quarter. RMB Capital Management LLC now owns 25,891 shares of the asset manager’s stock worth $2,306,000 after buying an additional 97,933 shares during the period. HighPoint Advisor Group LLC raised its position in Northern Trust by 19.9% in the fourth quarter. HighPoint Advisor Group LLC now owns 6,788 shares of the asset manager’s stock worth $607,000 after buying an additional 1,127 shares during the period. Teachers Advisors LLC raised its position in Northern Trust by 36.0% in the fourth quarter. Teachers Advisors LLC now owns 545,307 shares of the asset manager’s stock worth $48,560,000 after buying an additional 144,440 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in Northern Trust during the fourth quarter worth approximately $1,375,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.
About Northern Trust
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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