Northern Trust Corporation (NTRS) Shares Bought by CIBC Asset Management Inc
CIBC Asset Management Inc increased its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 23,213 shares of the asset manager’s stock after buying an additional 102 shares during the period. CIBC Asset Management Inc’s holdings in Northern Trust Corporation were worth $2,257,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock valued at $106,000 after buying an additional 382 shares in the last quarter. Kings Point Capital Management acquired a new stake in shares of Northern Trust Corporation during the first quarter worth approximately $101,000. 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 worth $101,000 after buying an additional 72 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Northern Trust Corporation during the first quarter worth approximately $117,000. Finally, 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 worth $147,000 after buying an additional 350 shares during the period. Institutional investors own 83.48% of the company’s stock.
Northern Trust Corporation (NASDAQ:NTRS) opened at 88.29 on Tuesday. The stock has a market capitalization of $20.17 billion, a P/E ratio of 20.04 and a beta of 0.92. Northern Trust Corporation has a 12-month low of $66.39 and a 12-month high of $99.30. The firm’s 50-day moving average is $93.88 and its 200-day moving average is $89.09.
Northern Trust Corporation (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by $0.05. The business 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 firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the business posted $1.09 EPS. Analysts predict that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.90%. The ex-dividend date is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio (DPR) is 34.55%.
Northern Trust Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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A number of analysts have commented on the stock. Royal Bank Of Canada restated a “buy” rating and set a $97.00 price target on shares of Northern Trust Corporation in a research note on Thursday, June 29th. Jefferies Group LLC restated a “buy” rating and set a $102.00 price target on shares of Northern Trust Corporation in a research note on Wednesday, May 17th. Buckingham Research restated a “neutral” rating and set a $103.00 price target (up previously from $93.00) on shares of Northern Trust Corporation in a research note on Monday, July 10th. Zacks Investment Research lowered shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Finally, BidaskClub upgraded shares of Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 5th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $94.50.
In related 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 transaction of $2,182,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Susan Gillian Pembleton sold 9,793 shares of Northern Trust Corporation stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $88.29, for a total value of $864,623.97. The disclosure for this sale can be found here. Insiders have sold a total of 184,974 shares of company stock worth $17,103,543 in the last three months. 1.27% of the stock is owned by corporate 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.
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