APG Asset Management N.V. lowered its stake in Northern Trust Corporation (NASDAQ:NTRS) by 25.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,204 shares of the asset manager’s stock after selling 41,600 shares during the period. APG Asset Management N.V. owned approximately 0.05% of Northern Trust Corporation worth $11,588,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. Pennsylvania Trust Co increased its stake in shares of Northern Trust Corporation by 4.5% in the second quarter. Pennsylvania Trust Co now owns 45,615 shares of the asset manager’s stock worth $4,434,000 after buying an additional 1,945 shares during the last quarter. Cleararc Capital Inc. boosted its position in Northern Trust Corporation by 1.7% in the first quarter. Cleararc Capital Inc. now owns 5,247 shares of the asset manager’s stock worth $454,000 after buying an additional 89 shares during the period. National Pension Service boosted its position in Northern Trust Corporation by 17.6% in the second quarter. National Pension Service now owns 211,118 shares of the asset manager’s stock worth $20,478,000 after buying an additional 31,558 shares during the period. Bank of Montreal Can raised its position in shares of Northern Trust Corporation by 49.1% in the first quarter. Bank of Montreal Can now owns 1,043,696 shares of the asset manager’s stock worth $90,365,000 after buying an additional 343,687 shares during the period. Finally, BARING ASSET MANAGEMENT Ltd acquired a new position in shares of Northern Trust Corporation during the first quarter worth about $1,638,000. 82.90% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Northern Trust Corporation (NASDAQ NTRS) traded up 0.57% on Friday, hitting $87.93. The stock had a trading volume of 1,149,151 shares. Northern Trust Corporation has a 52 week low of $66.39 and a 52 week high of $99.30. The firm has a 50-day moving average price of $91.52 and a 200-day moving average price of $89.38. The stock has a market capitalization of $20.09 billion, a P/E ratio of 19.96 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last posted its earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter last year, the firm posted $1.09 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Equities analysts expect that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be issued a dividend of $0.42 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.91%. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio (DPR) 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 shares. This buyback authorization authorizes the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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A number of brokerages recently issued reports on NTRS. BidaskClub upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Wells Fargo & Company started coverage on shares of Northern Trust Corporation in a report on Wednesday, August 9th. They set a “market perform” rating and a $90.00 price target for the company. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $86.00 price objective (down previously from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Finally, Morgan Stanley reduced their price objective on shares of Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating for the company in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Northern Trust Corporation presently has a consensus rating of “Hold” and an average target price of $94.15.
In other news, Vice Chairman William L. Morrison sold 41,965 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $91.89, for a total transaction of $3,856,163.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Aileen B. Blake sold 7,762 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $88.45, for a total value of $686,548.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,736 shares of company stock worth $15,608,092. Corporate insiders own 1.27% of the company’s stock.
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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