Bp Plc Takes Position in Northern Trust Corporation (NASDAQ:NTRS)

BP PLC purchased a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 51,000 shares of the asset manager’s stock, valued at approximately $4,957,000.

Several other institutional investors have also recently made changes to their positions in the stock. Advisor Partners LLC boosted its stake in Northern Trust Corporation by 24.6% in the second quarter. Advisor Partners LLC now owns 5,369 shares of the asset manager’s stock valued at $522,000 after buying an additional 1,059 shares in the last quarter. Tdam USA Inc. boosted its stake in Northern Trust Corporation by 0.4% in the second quarter. Tdam USA Inc. now owns 2,629 shares of the asset manager’s stock valued at $255,000 after buying an additional 10 shares in the last quarter. Retirement Systems of Alabama boosted its stake in Northern Trust Corporation by 0.7% in the second quarter. Retirement Systems of Alabama now owns 104,636 shares of the asset manager’s stock valued at $10,172,000 after buying an additional 677 shares in the last quarter. Callahan Advisors LLC boosted its stake in Northern Trust Corporation by 7.0% in the second quarter. Callahan Advisors LLC now owns 62,199 shares of the asset manager’s stock valued at $6,046,000 after buying an additional 4,071 shares in the last quarter. Finally, Lowe Brockenbrough & Co. Inc. boosted its stake in Northern Trust Corporation by 0.6% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 9,490 shares of the asset manager’s stock valued at $923,000 after buying an additional 60 shares in the last quarter. 82.90% of the stock is owned by institutional investors.

Northern Trust Corporation (NASDAQ:NTRS) opened at 87.93 on Friday. Northern Trust Corporation has a 12 month low of $66.39 and a 12 month high of $99.30. The firm’s 50 day moving average is $91.52 and its 200-day moving average is $89.38. The firm has a market cap of $20.09 billion, a price-to-earnings ratio of 19.96 and a beta of 0.92.

Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by $0.05. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 earnings per share. On average, equities analysts forecast that Northern Trust Corporation will post $4.72 EPS for the current year.

Northern Trust Corporation announced that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.91%. 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. Northern Trust Corporation’s payout ratio is presently 34.55%.

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NTRS has been the topic of several analyst reports. Zacks Investment Research raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Wells Fargo & Company initiated coverage on shares of Northern Trust Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $90.00 price target on the stock. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $86.00 price target (down from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Finally, Bank of America Corporation reissued a “buy” rating and set a $98.00 price target (up from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $94.15.

In other Northern Trust Corporation news, Vice Chairman William L. Morrison sold 41,965 shares of Northern Trust Corporation stock in a transaction on Monday, June 12th. The shares were sold at an average price of $91.89, for a total transaction of $3,856,163.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Parker sold 11,399 shares of Northern Trust Corporation stock in a transaction on Friday, July 21st. The stock was sold at an average price of $87.65, for a total transaction of $999,122.35. The disclosure for this sale can be found here. Insiders have sold 167,736 shares of company stock valued at $15,608,092 over the last ninety days. 1.27% of the stock is owned by 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.

Institutional Ownership by Quarter for Northern Trust Corporation (NASDAQ:NTRS)

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