Northern Trust (NASDAQ:NTRS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Friday. The firm currently has a $122.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.33% from the stock’s current price.
According to Zacks, “Shares of Northern Trust have outperformed the industry in the last six months. Moreover, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three out of the trailing four quarters. The company’s first-quarter 2018 earnings were driven by higher revenues and credit provisions. Northern Trust continues to benefit from its strong wealth management operations, along with diversified products. Further, it continues to enhance shareholders' value through steady capital-deployment activities, reflecting its strong capital position. Also, the Fed’s interest rate hikes are expected to further ease margin pressure and support its top line. However, despite undertaking cost-saving measures, mounting expenses continue to hurt the company's financials. In addition, an unstable economic environment is a headwind.”
Other equities research analysts have also issued reports about the stock. Bank of America upped their price target on shares of Northern Trust from $112.00 to $116.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Vining Sparks reiterated a “buy” rating and set a $118.00 price target on shares of Northern Trust in a report on Wednesday, January 24th. BidaskClub upgraded shares of Northern Trust from a “hold” rating to a “buy” rating in a report on Saturday, January 13th. Goldman Sachs upgraded shares of Northern Trust from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a report on Monday, April 2nd. Finally, Jefferies Group reiterated a “buy” rating and set a $122.00 price target on shares of Northern Trust in a report on Friday, April 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $110.75.
NASDAQ:NTRS opened at $107.65 on Friday. Northern Trust has a 52 week low of $85.41 and a 52 week high of $110.81. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.66 and a quick ratio of 0.71. The firm has a market cap of $24,396.67, a P/E ratio of 22.29, a PEG ratio of 1.44 and a beta of 0.95.
Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings results on Tuesday, April 17th. The asset manager reported $1.58 EPS for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.16. Northern Trust had a net margin of 21.84% and a return on equity of 13.87%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the business posted $1.09 EPS. The firm’s revenue was up 14.8% compared to the same quarter last year. equities research analysts expect that Northern Trust will post 6.46 EPS for the current fiscal year.
In other news, CFO Biff Bowman sold 13,811 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $108.53, for a total value of $1,498,907.83. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeffrey D. Cohodes sold 11,982 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $98.75, for a total transaction of $1,183,222.50. Following the completion of the sale, the insider now directly owns 37,936 shares in the company, valued at $3,746,180. The disclosure for this sale can be found here. Insiders sold a total of 189,457 shares of company stock valued at $20,188,250 over the last 90 days. Company insiders own 1.04% of the company’s stock.
Several large investors have recently added to or reduced their stakes in NTRS. Arrowstreet Capital Limited Partnership grew its position in shares of Northern Trust by 217.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 696,406 shares of the asset manager’s stock worth $69,564,000 after buying an additional 477,120 shares during the period. Alliancebernstein L.P. grew its position in shares of Northern Trust by 72.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,107,116 shares of the asset manager’s stock worth $110,590,000 after buying an additional 463,342 shares during the period. BlackRock Inc. grew its position in shares of Northern Trust by 1.7% in the 4th quarter. BlackRock Inc. now owns 13,568,183 shares of the asset manager’s stock worth $1,355,326,000 after buying an additional 230,925 shares during the period. Cornerstone Capital Management Holdings LLC. grew its position in shares of Northern Trust by 203.7% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 343,424 shares of the asset manager’s stock worth $34,303,000 after buying an additional 230,337 shares during the period. Finally, Prana Capital Management LP purchased a new stake in shares of Northern Trust in the 4th quarter worth about $22,379,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.
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About Northern Trust
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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