Northern Trust Corporation (NASDAQ:NTRS) announced its earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by $0.05, MarketWatch Earnings reports. The company 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%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 EPS.
Shares of Northern Trust Corporation (NASDAQ:NTRS) traded down 0.06% on Friday, reaching $87.15. 1,043,485 shares of the company traded hands. Northern Trust Corporation has a one year low of $66.39 and a one year high of $99.30. The stock’s 50 day moving average price is $92.53 and its 200-day moving average price is $89.21. The stock has a market capitalization of $19.91 billion, a P/E ratio of 19.78 and a beta of 0.92.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be paid a dividend of $0.42 per share. The ex-dividend date 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 1.93%. Northern Trust Corporation’s dividend payout ratio is currently 34.55%.
Northern Trust Corporation declared that its Board of Directors has initiated a stock buyback 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 purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have issued reports on NTRS. BidaskClub raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a report on Friday. Royal Bank Of Canada reiterated a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research report on Thursday, June 29th. Jefferies Group LLC reiterated a “buy” rating and set a $102.00 price objective on shares of Northern Trust Corporation in a research report on Wednesday, May 17th. Buckingham Research reiterated a “neutral” rating and set a $103.00 price objective (up from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. Finally, Zacks Investment Research cut shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Northern Trust Corporation has a consensus rating of “Hold” and an average price target of $94.15.
In other news, COO Jana R. Schreuder sold 5,538 shares of Northern Trust Corporation stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $88.33, for a total value of $489,171.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman William L. Morrison sold 25,000 shares of the business’s stock in a transaction on 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 have sold 184,974 shares of company stock valued at $17,103,543. 1.27% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in NTRS. Trust Department MB Financial Bank N A increased its stake in 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 in the last quarter. Kings Point Capital Management purchased a new stake in Northern Trust Corporation during the first quarter valued at about $101,000. Huntington National Bank increased its stake 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 valued at $106,000 after buying an additional 382 shares during the period. Dupont Capital Management Corp acquired a new position in Northern Trust Corporation during the second quarter worth approximately $107,000. Finally, Advisory Services Network LLC acquired a new position in Northern Trust Corporation during the first quarter worth approximately $117,000. 83.48% of the stock is currently owned by institutional investors and hedge funds.
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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