Conning Inc. raised its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 6,263 shares of the asset manager’s stock after buying an additional 50 shares during the period. Conning Inc.’s holdings in Northern Trust Corporation were worth $609,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased 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 in the last quarter. BlackRock Inc. increased 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 in the last quarter. FMR LLC increased 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 in the last quarter. JPMorgan Chase & Co. increased 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 in the last quarter. Finally, Findlay Park Partners LLP increased 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 in the last quarter. 82.90% of the stock is owned by hedge funds and other institutional investors.
Shares of Northern Trust Corporation (NASDAQ:NTRS) opened at 89.48 on Thursday. Northern Trust Corporation has a one year low of $66.39 and a one year high of $99.30. The company has a market cap of $20.44 billion, a P/E ratio of 20.31 and a beta of 0.92. The stock’s 50 day moving average is $92.05 and its 200-day moving average is $89.36.
Northern Trust Corporation (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by $0.05. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts forecast that Northern Trust Corporation will post $4.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, August 30th. 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 yield of 1.88%. Northern Trust Corporation’s payout ratio is presently 34.55%.
Northern Trust Corporation declared that its board has approved a stock repurchase 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 purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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NTRS has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on shares of Northern Trust Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $90.00 price objective for the company. Royal Bank Of Canada reissued a “buy” rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a report on Wednesday, May 10th. BidaskClub downgraded shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. 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 report on Wednesday, July 12th. Finally, Buckingham Research reissued a “neutral” rating and issued a $103.00 price objective (up previously from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $94.15.
In other Northern Trust Corporation news, EVP Susan Gillian Pembleton sold 9,793 shares of Northern Trust Corporation stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $88.29, for a total transaction of $864,623.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 192,736 shares of company stock valued at $17,790,092. 1.27% of the stock is currently owned by company insiders.
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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