Northern Trust Corporation (NASDAQ:NTRS) posted its earnings results on Wednesday, October 18th. The asset manager reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.08, RTT News reports. Northern Trust Corporation had a net margin of 20.27% and a return on equity of 12.33%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business posted $1.11 earnings per share. Northern Trust Corporation’s revenue for the quarter was up 11.2% on a year-over-year basis.
Shares of Northern Trust Corporation (NASDAQ:NTRS) opened at 94.71 on Friday. Northern Trust Corporation has a 12 month low of $71.32 and a 12 month high of $99.30. The company’s 50 day moving average is $91.46 and its 200 day moving average is $90.71. The company has a market cap of $21.64 billion, a P/E ratio of 21.50 and a beta of 0.93.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 1st will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is currently 37.17%.
Several analysts have commented on the stock. Buckingham Research restated a “neutral” rating and issued a $103.00 price objective (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. BidaskClub upgraded shares of Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a 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 price objective for the company in a report on Wednesday, July 12th. Morgan Stanley restated an “underweight” rating and issued a $86.00 price objective (up from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Finally, UBS AG raised their price objective on shares of Northern Trust Corporation from $100.00 to $109.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $97.07.
Northern Trust Corporation announced that its Board of Directors has authorized a stock buyback plan on Tuesday, July 18th that permits the company to buyback 9,500,000 shares. This buyback authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
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In other Northern Trust Corporation news, Chairman Frederick H. Waddell sold 177,964 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $95.64, for a total transaction of $17,020,476.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman William L. Morrison sold 11,058 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $94.34, for a total transaction of $1,043,211.72. The disclosure for this sale can be found here. Insiders have sold 351,382 shares of company stock valued at $32,908,051 in the last three months. 1.27% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. Reilly Financial Advisors LLC increased its stake in Northern Trust Corporation by 0.8% during the 3rd quarter. Reilly Financial Advisors LLC now owns 115,028 shares of the asset manager’s stock valued at $10,575,000 after purchasing an additional 918 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new position in Northern Trust Corporation during the 3rd quarter valued at approximately $2,739,000. Crossmark Global Holdings Inc. acquired a new position in Northern Trust Corporation during the 3rd quarter valued at approximately $1,516,000. Callahan Advisors LLC increased its stake in Northern Trust Corporation by 1.2% during the 3rd quarter. Callahan Advisors LLC now owns 62,976 shares of the asset manager’s stock valued at $5,789,000 after purchasing an additional 777 shares in the last quarter. Finally, Eagle Ridge Investment Management acquired a new position in Northern Trust Corporation during the 3rd quarter valued at approximately $235,000. Institutional investors and hedge funds own 82.00% 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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