Federated Investors Inc. PA trimmed its holdings in Northern Trust Corporation (NASDAQ:NTRS) by 10.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,785 shares of the asset manager’s stock after selling 583 shares during the quarter. Federated Investors Inc. PA’s holdings in Northern Trust Corporation were worth $465,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of NTRS. Kings Point Capital Management purchased a new stake in shares of Northern Trust Corporation in the first quarter worth approximately $101,000. Huntington National Bank raised its holdings in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock worth $106,000 after buying an additional 382 shares during the period. Dupont Capital Management Corp purchased a new stake in shares of Northern Trust Corporation in the second quarter worth approximately $107,000. Bessemer Group Inc. raised its holdings in shares of Northern Trust Corporation by 16.9% in the second quarter. Bessemer Group Inc. now owns 1,461 shares of the asset manager’s stock worth $143,000 after buying an additional 211 shares during the period. Finally, Atria Investments LLC purchased a new stake in shares of Northern Trust Corporation in the second quarter worth approximately $200,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.
NTRS has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a report on Friday, August 18th. Credit Suisse Group reiterated a “hold” rating and issued a $90.00 price target on shares of Northern Trust Corporation in a report on Sunday, May 28th. UBS AG upgraded Northern Trust Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $100.00 in a report on Friday, September 8th. Morgan Stanley reduced their price target on Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating on the stock in a report on Thursday, July 20th. Finally, BidaskClub downgraded Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $94.57.
Shares of Northern Trust Corporation (NASDAQ NTRS) opened at 89.68 on Thursday. Northern Trust Corporation has a 12 month low of $66.40 and a 12 month high of $99.30. The company has a market cap of $20.49 billion, a PE ratio of 20.36 and a beta of 0.92. The firm’s 50-day moving average price is $88.43 and its 200 day moving average price is $89.76.
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 analysts’ consensus estimates of $1.23 by ($0.05). The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. Equities research analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
Northern Trust Corporation announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The company 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 $0.42 dividend. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.68 dividend on an annualized basis and a yield of 1.87%. Northern Trust Corporation’s payout ratio is presently 38.18%.
In other Northern Trust Corporation news, EVP Robert P. Browne sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $90.21, for a total value of $992,310.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen N. Potter sold 28,469 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $99.08, for a total value of $2,820,708.52. The disclosure for this sale can be found here. In the last three months, insiders sold 84,563 shares of company stock worth $7,814,018. 1.27% of the stock is owned by corporate 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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