Cookson Peirce & Co. Inc. lessened its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 1.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,711 shares of the asset manager’s stock after selling 1,244 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in Northern Trust Corporation were worth $10,762,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Pennsylvania Trust Co boosted its position in Northern Trust Corporation by 4.5% during the second quarter. Pennsylvania Trust Co now owns 45,615 shares of the asset manager’s stock worth $4,434,000 after purchasing an additional 1,945 shares during the period. Boston Advisors LLC boosted its position in Northern Trust Corporation by 6,051.0% during the second quarter. Boston Advisors LLC now owns 160,540 shares of the asset manager’s stock worth $15,606,000 after purchasing an additional 157,930 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Northern Trust Corporation by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 675,307 shares of the asset manager’s stock worth $65,647,000 after purchasing an additional 26,164 shares during the period. Eaton Vance Management boosted its position in Northern Trust Corporation by 0.3% during the second quarter. Eaton Vance Management now owns 753,651 shares of the asset manager’s stock worth $73,262,000 after purchasing an additional 2,397 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Northern Trust Corporation by 0.7% during the second quarter. Principal Financial Group Inc. now owns 337,497 shares of the asset manager’s stock worth $32,808,000 after purchasing an additional 2,298 shares during the period. Hedge funds and other institutional investors own 81.90% of the company’s stock.
A number of equities analysts have weighed in on the stock. Buckingham Research reiterated a “neutral” rating and set a $103.00 target price (up previously from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. BidaskClub upgraded shares of Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Wednesday, July 12th. Morgan Stanley reiterated an “underweight” rating and set a $86.00 target price (up previously from $80.00) on shares of Northern Trust Corporation in a research report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $97.00 target price on shares of Northern Trust Corporation in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $95.93.
In related news, insider Teresa Parker sold 11,399 shares of the business’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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Frederick H. Waddell sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $92.00, for a total value of $9,200,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,094 shares of company stock valued at $15,115,309. 1.27% of the stock is currently owned by corporate insiders.
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Northern Trust Corporation (NASDAQ:NTRS) traded down 0.39% during trading on Friday, hitting $92.99. 1,126,563 shares of the stock were exchanged. The company has a 50-day moving average price of $90.23 and a 200 day moving average price of $90.25. The firm has a market capitalization of $21.25 billion, a price-to-earnings ratio of 21.11 and a beta of 0.93. Northern Trust Corporation has a 1-year low of $69.46 and a 1-year high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) 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 the consensus estimate of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The company’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 earnings per share. Equities analysts predict that Northern Trust Corporation will post $4.69 earnings per share for the current fiscal year.
Northern Trust Corporation declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 1st were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.81%. Northern Trust Corporation’s payout ratio is 38.18%.
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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