Stearns Financial Services Group Continues to Hold Position in Northern Trust Corporation (NASDAQ:NTRS)
Stearns Financial Services Group held its stake in Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,668 shares of the asset manager’s stock at the end of the second quarter. Stearns Financial Services Group’s holdings in Northern Trust Corporation were worth $357,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Tdam USA Inc. increased its position in shares of Northern Trust Corporation by 0.4% in the second quarter. Tdam USA Inc. now owns 2,629 shares of the asset manager’s stock valued at $255,000 after buying an additional 10 shares in the last quarter. Buckingham Asset Management LLC boosted its stake in Northern Trust Corporation by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 6,232 shares of the asset manager’s stock worth $540,000 after buying an additional 20 shares during the last quarter. Creative Planning boosted its stake in Northern Trust Corporation by 0.8% in the second quarter. Creative Planning now owns 2,374 shares of the asset manager’s stock worth $231,000 after buying an additional 20 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Northern Trust Corporation by 0.8% in the first quarter. Oppenheimer & Co. Inc. now owns 2,821 shares of the asset manager’s stock worth $244,000 after buying an additional 21 shares during the last quarter. Finally, Bank of The West boosted its stake in Northern Trust Corporation by 0.7% in the second quarter. Bank of The West now owns 3,506 shares of the asset manager’s stock worth $341,000 after buying an additional 26 shares during the last quarter. Institutional investors own 83.48% of the company’s stock.
Northern Trust Corporation (NTRS) opened at 89.24 on Thursday. The stock’s 50 day moving average is $92.94 and its 200-day moving average is $89.19. Northern Trust Corporation has a 52-week low of $66.40 and a 52-week high of $99.30. The company has a market capitalization of $20.39 billion, a P/E ratio of 20.26 and a beta of 0.92.
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. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm posted $1.09 earnings per share. The firm’s quarterly revenue was up .5% on a year-over-year basis. Analysts predict that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
Northern Trust Corporation declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 3.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.88%. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 30th. Northern Trust Corporation’s payout ratio is presently 34.55%.
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NTRS has been the topic of several analyst reports. Zacks Investment Research cut shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub cut shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Bank of America Corporation reiterated a “buy” rating and set a $98.00 price objective (up previously from $61.32) on shares of Northern Trust Corporation in a report on Friday, May 26th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 price objective on shares of Northern Trust Corporation in a report on Monday, May 15th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $86.00 price objective (up previously from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $94.15.
In other news, COO Jana R. Schreuder sold 5,538 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $88.33, for a total transaction of $489,171.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman William L. Morrison sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $87.28, for a total transaction of $2,182,000.00. The disclosure for this sale can be found here. Insiders have sold 184,974 shares of company stock valued at $17,103,543 over the last three months. 1.27% of the stock is owned by corporate insiders.
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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