Gamco Investors INC. ET AL Sells 83,880 Shares of Northern Trust Corporation (NTRS)
Gamco Investors INC. ET AL reduced its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 9.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 851,347 shares of the asset manager’s stock after selling 83,880 shares during the period. Gamco Investors INC. ET AL’s holdings in Northern Trust Corporation were worth $82,759,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in 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 worth $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 worth about $101,000. Huntington National Bank raised 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 in the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Northern Trust Corporation during the second quarter worth about $107,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Northern Trust Corporation during the first quarter worth about $117,000. 82.90% of the stock is currently owned by institutional investors and hedge funds.
Northern Trust Corporation (NTRS) opened at 87.43 on Friday. The firm has a market cap of $19.98 billion, a price-to-earnings ratio of 19.85 and a beta of 0.92. Northern Trust Corporation has a 52-week low of $66.39 and a 52-week high of $99.30. The firm’s 50 day moving average price is $91.78 and its 200 day moving average price is $89.35.
Northern Trust Corporation (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the 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%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. Equities research analysts anticipate that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
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 paid a $0.42 dividend. The ex-dividend date is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.92%. Northern Trust Corporation’s dividend payout ratio is 34.55%.
Northern Trust Corporation announced that its Board of Directors has approved 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 repurchase up to 3.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
A number of brokerages recently issued reports on NTRS. Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. BidaskClub lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Bank of America Corporation reissued a “buy” rating and issued a $98.00 target price (up previously from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Credit Suisse Group reissued a “hold” rating and issued a $90.00 target price on shares of Northern Trust Corporation in a research report on Monday, May 15th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $86.00 target price (up previously from $80.00) on shares of Northern Trust Corporation in a research report on Friday, July 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $94.15.
In related news, COO Jana R. Schreuder sold 5,538 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $88.33, for a total transaction of $489,171.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Susan Gillian Pembleton sold 9,793 shares of the 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. Over the last three months, insiders sold 167,736 shares of company stock valued at $15,608,092. 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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