TIAA CREF Investment Management LLC grew its stake in Northern Trust Corporation (NASDAQ:NTRS) by 8.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 724,236 shares of the asset manager’s stock after purchasing an additional 55,799 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.32% of Northern Trust Corporation worth $70,403,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Kings Point Capital Management acquired a new stake in shares of Northern Trust Corporation in the 1st quarter valued at about $101,000. Huntington National Bank raised its stake in shares of Northern Trust Corporation by 54.0% in the 2nd quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock valued at $106,000 after purchasing an additional 382 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Northern Trust Corporation in the 2nd quarter valued at about $107,000. Bessemer Group Inc. raised its stake in shares of Northern Trust Corporation by 16.9% in the 2nd quarter. Bessemer Group Inc. now owns 1,461 shares of the asset manager’s stock valued at $143,000 after purchasing an additional 211 shares in the last quarter. Finally, Atria Investments LLC acquired a new stake in shares of Northern Trust Corporation in the 2nd quarter valued at about $200,000. Institutional investors and hedge funds own 81.89% of the company’s stock.
A number of brokerages have recently issued reports on NTRS. Zacks Investment Research lowered shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub lowered shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Bank of America Corporation restated a “buy” rating and issued a $98.00 target price (up previously from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Royal Bank Of Canada restated a “buy” rating and issued a $97.00 target price on shares of Northern Trust Corporation in a research note on Friday, August 18th. Finally, UBS AG upgraded shares of Northern Trust Corporation from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $100.00 in a research note on Friday, September 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $94.57.
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Northern Trust Corporation (NTRS) opened at 87.96 on Monday. The firm has a 50-day moving average of $88.36 and a 200 day moving average of $89.74. Northern Trust Corporation has a 52-week low of $66.39 and a 52-week high of $99.30. The company has a market cap of $20.10 billion, a PE ratio of 19.97 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business posted $1.09 earnings per share. Equities research analysts expect that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
Northern Trust Corporation declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.91%. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is presently 38.18%.
In other news, insider Teresa Parker sold 11,399 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $87.65, for a total transaction of $999,122.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jana R. Schreuder sold 5,581 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $90.00, for a total transaction of $502,290.00. The disclosure for this sale can be found here. Insiders have sold a total of 84,563 shares of company stock valued at $7,814,018 over the last ninety days. 1.27% of the stock is owned by 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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