Investment Counselors of Maryland LLC Sells 665 Shares of Northern Trust Corporation (NTRS)

Investment Counselors of Maryland LLC decreased its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) by 37.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,117 shares of the asset manager’s stock after selling 665 shares during the period. Investment Counselors of Maryland LLC’s holdings in Northern Trust Corporation were worth $109,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. raised its stake 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 valued at $143,000 after buying an additional 211 shares during the period. CIBC Asset Management Inc raised its stake in shares of Northern Trust Corporation by 0.4% in the second quarter. CIBC Asset Management Inc now owns 23,213 shares of the asset manager’s stock valued at $2,257,000 after buying an additional 102 shares during the period. First Merchants Corp raised its stake in shares of Northern Trust Corporation by 1.3% in the second quarter. First Merchants Corp now owns 45,435 shares of the asset manager’s stock valued at $4,416,000 after buying an additional 568 shares during the period. IBM Retirement Fund raised its stake in shares of Northern Trust Corporation by 120.9% in the second quarter. IBM Retirement Fund now owns 5,098 shares of the asset manager’s stock valued at $554,000 after buying an additional 2,790 shares during the period. Finally, NGAM Advisors L.P. raised its stake in shares of Northern Trust Corporation by 3.3% in the second quarter. NGAM Advisors L.P. now owns 42,369 shares of the asset manager’s stock valued at $4,119,000 after buying an additional 1,337 shares during the period. Hedge funds and other institutional investors own 82.90% of the company’s stock.

Shares of Northern Trust Corporation (NASDAQ:NTRS) traded up 0.57% during mid-day trading on Friday, reaching $87.93. 1,149,151 shares of the company’s stock traded hands. The company has a market cap of $20.09 billion, a price-to-earnings ratio of 19.96 and a beta of 0.92. The company has a 50 day moving average of $91.78 and a 200 day moving average of $89.35. Northern Trust Corporation has a 12 month low of $66.39 and a 12 month high of $99.30.

Northern Trust Corporation (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the company earned $1.09 earnings per share. Northern Trust Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. Analysts expect that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be given a dividend of $0.42 per share. 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. The ex-dividend date is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio is presently 34.55%.

Northern Trust Corporation declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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Several equities research analysts have issued reports on NTRS shares. Royal Bank Of Canada reissued a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a report on Wednesday, May 10th. Bank of America Corporation reaffirmed a “buy” rating and issued a $98.00 target price (up previously from $61.32) on shares of Northern Trust Corporation in a report on Friday, May 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $102.00 target price on shares of Northern Trust Corporation in a report on Wednesday, May 17th. BidaskClub raised shares of Northern Trust Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Zacks Investment Research raised shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $94.15.

In other news, insider Teresa Parker sold 11,399 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $87.65, for a total transaction of $999,122.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $4,580,072.00. The disclosure for this sale can be found here. Insiders have sold 167,736 shares of company stock worth $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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