Alliancebernstein L.P. Acquires 167,059 Shares of Northern Trust Corporation (NTRS)
Alliancebernstein L.P. grew its holdings in Northern Trust Corporation (NASDAQ:NTRS) by 30.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 719,767 shares of the asset manager’s stock after purchasing an additional 167,059 shares during the quarter. Alliancebernstein L.P. owned approximately 0.32% of Northern Trust Corporation worth $69,969,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of NTRS. First Trust Advisors LP boosted its stake in shares of Northern Trust Corporation by 133.3% in the 1st quarter. First Trust Advisors LP now owns 139,801 shares of the asset manager’s stock valued at $12,104,000 after purchasing an additional 79,888 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Northern Trust Corporation by 78.1% in the 1st quarter. Advisors Asset Management Inc. now owns 6,234 shares of the asset manager’s stock valued at $540,000 after purchasing an additional 2,734 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Northern Trust Corporation by 73.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 16,613 shares of the asset manager’s stock valued at $1,488,000 after purchasing an additional 7,012 shares during the last quarter. Capital Fund Management S.A. bought a new position in shares of Northern Trust Corporation in the 1st quarter valued at about $872,000. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of Northern Trust Corporation by 8.5% in the 1st quarter. UBS Asset Management Americas Inc. now owns 599,175 shares of the asset manager’s stock valued at $51,877,000 after purchasing an additional 47,069 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors.
A number of brokerages recently weighed in on NTRS. BidaskClub upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday. Jefferies Group LLC reiterated a “buy” rating and issued a $102.00 price target on shares of Northern Trust Corporation in a research report on Wednesday, May 17th. Buckingham Research reiterated a “neutral” rating and issued a $103.00 price target (up from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $97.00 target price on shares of Northern Trust Corporation in a report on Thursday, June 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Northern Trust Corporation currently has an average rating of “Hold” and a consensus target price of $94.57.
Shares of Northern Trust Corporation (NTRS) opened at 88.27 on Thursday. Northern Trust Corporation has a 12 month low of $66.40 and a 12 month high of $99.30. The company has a market cap of $20.17 billion, a PE ratio of 20.04 and a beta of 0.92. The stock has a 50 day moving average of $88.35 and a 200-day moving average of $89.76.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. Equities analysts forecast that Northern Trust Corporation will post $4.73 earnings per share for the current year.
Northern Trust Corporation declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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 paid a dividend of $0.42 per share. This is an increase 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 annualized dividend and a dividend yield of 1.90%. Northern Trust Corporation’s dividend payout ratio is presently 38.18%.
In other news, EVP Aileen B. Blake sold 1,000 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $90.00, for a total transaction of $90,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert P. Browne sold 11,000 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $90.21, for a total value of $992,310.00. The disclosure for this sale can be found here. Insiders have sold a total of 132,673 shares of company stock valued at $12,394,090 in the last quarter. 1.27% of the stock is owned by corporate insiders.
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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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