Zacks: Brokerages Anticipate Northern Trust Corporation (NTRS) Will Post Quarterly Sales of $1.35 Billion
Brokerages expect Northern Trust Corporation (NASDAQ:NTRS) to announce $1.35 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Northern Trust Corporation’s earnings, with estimates ranging from $1.34 billion to $1.37 billion. Northern Trust Corporation reported sales of $1.21 billion during the same quarter last year, which indicates a positive year over year growth rate of 11.6%. The firm is expected to issue its next quarterly earnings report on Wednesday, October 18th.
According to Zacks, analysts expect that Northern Trust Corporation will report full year sales of $1.35 billion for the current financial year, with estimates ranging from $5.32 billion to $5.38 billion. For the next financial year, analysts forecast that the business will report sales of $5.66 billion per share, with estimates ranging from $5.55 billion to $5.71 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Northern Trust Corporation.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings data 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 net margin of 20.21% and a return on equity of 12.08%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company posted $1.09 EPS. The firm’s revenue was up .5% on a year-over-year basis.
NTRS has been the subject of several recent analyst reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a research note on Wednesday, May 10th. Bank of America Corporation reiterated a “buy” rating and issued a $98.00 price objective (up previously from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $102.00 price objective on shares of Northern Trust Corporation in a research note on Wednesday, May 17th. BidaskClub upgraded shares of Northern Trust Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, 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 research note on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $94.50.
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Shares of Northern Trust Corporation (NASDAQ:NTRS) opened at 89.24 on Thursday. The stock has a market cap of $20.39 billion, a PE ratio of 20.26 and a beta of 0.92. Northern Trust Corporation has a 52 week low of $66.40 and a 52 week high of $99.30. The company’s 50-day moving average is $92.94 and its 200 day moving average is $89.19.
The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.88%. Northern Trust Corporation’s payout ratio is 34.55%.
Northern Trust Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the asset manager to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Teresa Parker sold 11,399 shares of Northern Trust Corporation stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $87.65, for a total transaction of $999,122.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jana R. Schreuder sold 5,538 shares of Northern Trust Corporation stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $88.33, for a total transaction of $489,171.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,974 shares of company stock valued at $17,103,543. Insiders own 1.27% of the company’s stock.
Several large investors have recently modified their holdings of NTRS. Huntington National Bank increased its stake in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock worth $106,000 after buying an additional 382 shares during the period. Dupont Capital Management Corp purchased a new stake in shares of Northern Trust Corporation during the second quarter worth approximately $107,000. Kings Point Capital Management purchased a new stake in shares of Northern Trust Corporation during the first quarter worth approximately $101,000. Trust Department MB Financial Bank N A increased 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. Finally, Advisory Services Network LLC purchased a new stake in shares of Northern Trust Corporation during the first quarter worth approximately $117,000. Institutional investors and hedge funds own 83.48% 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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