Parsons Capital Management Inc. RI continued to hold its stake in Northern Trust Corporation (NASDAQ:NTRS) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,065 shares of the asset manager’s stock at the end of the first quarter. Parsons Capital Management Inc. RI’s holdings in Northern Trust Corporation were worth $265,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of NTRS. Kings Point Capital Management acquired a new stake in shares of Northern Trust Corporation during the first quarter valued at $101,000. Trust Department MB Financial Bank N A boosted its stake in shares of Northern Trust Corporation by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock valued at $101,000 after buying an additional 72 shares during the period. Bessemer Group Inc. boosted its stake in shares of Northern Trust Corporation by 689.7% in the fourth quarter. Bessemer Group Inc. now owns 1,303 shares of the asset manager’s stock valued at $116,000 after buying an additional 1,138 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Northern Trust Corporation during the first quarter valued at $117,000. Finally, Jolley Asset Management LLC boosted its stake in shares of Northern Trust Corporation by 25.9% in the first quarter. Jolley Asset Management LLC now owns 1,700 shares of the asset manager’s stock valued at $147,000 after buying an additional 350 shares during the period. Institutional investors and hedge funds own 82.90% of the company’s stock.
Northern Trust Corporation (NTRS) traded down 0.46% on Friday, hitting $87.26. 946,510 shares of the company were exchanged. The stock has a 50 day moving average of $94.11 and a 200 day moving average of $89.13. The company has a market capitalization of $19.94 billion, a price-to-earnings ratio of 19.83 and a beta of 0.94. Northern Trust Corporation has a 52 week low of $65.92 and a 52 week high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business posted $1.09 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. Analysts predict that Northern Trust Corporation will post $4.73 EPS for the current fiscal year.
Northern Trust Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be paid a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a yield of 1.93%. Northern Trust Corporation’s dividend payout ratio (DPR) is 34.55%.
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Several brokerages have weighed in on NTRS. BidaskClub cut shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a research report on Thursday. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $86.00 target price (down from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Bank of America Corporation dropped 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 report on Thursday, July 20th. Finally, Morgan Stanley reduced their target price on shares of Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating on the stock in a report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given 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 price target of $94.50.
In other news, insider Stephen N. Potter sold 28,469 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $99.08, for a total value of $2,820,708.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman William L. Morrison sold 25,000 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 385,359 shares of company stock valued at $35,242,166. 1.27% of the stock is currently owned by company insiders.
Northern Trust Corporation Company Profile
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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