Northern Trust Corporation (NASDAQ:NTRS) Shares Sold by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board cut its stake in Northern Trust Corporation (NASDAQ:NTRS) by 8.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,011 shares of the asset manager’s stock after selling 1,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Northern Trust Corporation were worth $1,751,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of NTRS. Pennsylvania Trust Co raised its stake in shares of Northern Trust Corporation by 4.5% in the second quarter. Pennsylvania Trust Co now owns 45,615 shares of the asset manager’s stock valued at $4,434,000 after buying an additional 1,945 shares during the period. Cleararc Capital Inc. raised its stake in shares of Northern Trust Corporation by 1.7% in the first quarter. Cleararc Capital Inc. now owns 5,247 shares of the asset manager’s stock valued at $454,000 after buying an additional 89 shares during the period. National Pension Service raised its stake in shares of Northern Trust Corporation by 17.6% in the second quarter. National Pension Service now owns 211,118 shares of the asset manager’s stock valued at $20,478,000 after buying an additional 31,558 shares during the period. BARING ASSET MANAGEMENT Ltd bought a new stake in shares of Northern Trust Corporation during the first quarter valued at approximately $1,638,000. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Northern Trust Corporation during the first quarter valued at approximately $892,000. Institutional investors and hedge funds own 83.48% of the company’s stock.
Northern Trust Corporation (NASDAQ NTRS) opened at 87.15 on Friday. The company has a 50-day moving average of $92.53 and a 200-day moving average of $89.21. The stock has a market capitalization of $19.91 billion, a price-to-earnings ratio of 19.78 and a beta of 0.92. Northern Trust Corporation has a one year low of $66.40 and a one year high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last posted 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. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the company earned $1.09 EPS. The company’s revenue was up .5% on a year-over-year basis. On average, equities analysts forecast that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
Northern Trust Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the asset manager to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be given a dividend of $0.42 per share. 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. This represents a $1.68 dividend on an annualized basis and a yield of 1.93%. Northern Trust Corporation’s dividend payout ratio is presently 34.55%.
NTRS has been the subject of several recent research reports. Deutsche Bank AG reiterated a “hold” rating and set a $96.00 target price (up from $93.00) on shares of Northern Trust Corporation in a report on Saturday, April 29th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 target price on shares of Northern Trust Corporation in a report on Sunday, May 28th. Morgan Stanley lowered their target price on shares of Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating for the company in a report on Thursday, July 20th. BidaskClub lowered shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Zacks Investment Research lowered shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $94.15.
In related news, insider Stephen N. Potter sold 28,469 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $99.08, for a total transaction of $2,820,708.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jana R. Schreuder sold 5,538 shares of the 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 disclosure for this sale can be found here. Insiders have sold 184,974 shares of company stock valued at $17,103,543 in the last three months. 1.27% of the stock is currently 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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