Northern Trust Corporation (NASDAQ:NTRS) declared a quarterly dividend on Tuesday, July 18th, RTT News reports. Investors of record on Friday, September 1st will be paid a dividend of 0.42 per share by the asset manager on Sunday, October 1st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Wednesday, August 30th. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38.
Shares of Northern Trust Corporation (NASDAQ NTRS) traded down 0.06% during trading on Friday, hitting $87.15. The company had a trading volume of 1,043,485 shares. Northern Trust Corporation has a 1-year low of $66.39 and a 1-year high of $99.30. The firm has a market capitalization of $19.91 billion, a P/E ratio of 19.78 and a beta of 0.92. The company’s 50 day moving average is $92.53 and its 200 day moving average is $89.21.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. The company had revenue of $1.33 billion for 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 business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.09 EPS. Analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
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In other news, insider Stephen N. Potter sold 48,110 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $95.20, for a total transaction of $4,580,072.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman William L. Morrison sold 41,965 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $91.89, for a total value of $3,856,163.85. The disclosure for this sale can be found here. Insiders have sold 184,974 shares of company stock worth $17,103,543 in the last ninety days. Corporate insiders own 1.27% of the company’s stock.
Several equities analysts recently weighed in on the company. Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Bank of America Corporation reiterated a “buy” rating and set a $98.00 price objective (up from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 price objective on shares of Northern Trust Corporation in a research note on Monday, May 15th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $86.00 price objective (up from $80.00) on shares of Northern Trust Corporation in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $94.15.
Northern Trust Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the asset manager to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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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