Creative Planning Increases Stake in Northern Trust Corporation (NASDAQ:NTRS)
Creative Planning boosted its stake in Northern Trust Corporation (NASDAQ:NTRS) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 2,374 shares of the asset manager’s stock after buying an additional 20 shares during the period. Creative Planning’s holdings in Northern Trust Corporation were worth $231,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the company. Trust Department MB Financial Bank N A raised its stake in shares of Northern Trust Corporation by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock valued at $101,000 after buying an additional 72 shares in the last quarter. Kings Point Capital Management purchased a new stake in shares of Northern Trust Corporation during the first quarter valued at about $101,000. Advisory Services Network LLC purchased a new stake in shares of Northern Trust Corporation during the first quarter valued at about $117,000. Jolley Asset Management LLC raised its stake in shares of Northern Trust Corporation by 25.9% in the first quarter. Jolley Asset Management LLC now owns 1,700 shares of the asset manager’s stock valued at $147,000 after buying an additional 350 shares in the last quarter. Finally, Atria Investments LLC purchased a new stake in shares of Northern Trust Corporation during the second quarter valued at about $200,000. 83.41% of the stock is owned by institutional investors and hedge funds.
Shares of Northern Trust Corporation (NASDAQ:NTRS) traded up 1.15% during mid-day trading on Friday, reaching $88.99. The company’s stock had a trading volume of 1,056,823 shares. Northern Trust Corporation has a 52-week low of $66.35 and a 52-week high of $99.30. The company has a 50-day moving average price of $93.88 and a 200 day moving average price of $89.09. The company has a market cap of $20.33 billion, a PE ratio of 20.20 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. The company had revenue of $1.33 billion during 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%. Northern Trust Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 EPS. Equities analysts expect that Northern Trust Corporation will post $4.72 earnings per share for the current year.
Northern Trust Corporation declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the asset manager to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be issued a $0.42 dividend. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.89%. Northern Trust Corporation’s payout ratio is 34.55%.
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Several analysts have issued reports on the company. Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. 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 research note on Friday, May 26th. Credit Suisse Group reaffirmed a “hold” rating and issued a $90.00 target price on shares of Northern Trust Corporation in a research note on Monday, May 15th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $86.00 price objective (up previously from $80.00) on shares of Northern Trust Corporation in a research report on Friday, July 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $94.50.
In other news, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Parker sold 11,399 shares of Northern Trust Corporation stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $87.65, for a total value of $999,122.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 179,436 shares of company stock valued at $16,614,372. Company insiders own 1.27% of the company’s stock.
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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