Northern Trust Corporation (NTRS) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Northern Trust Corporation (NASDAQ:NTRS) from a sell rating to a hold rating in a report issued on Wednesday morning.
According to Zacks, “Shares of Northern Trust have underperformed the industry year to date. This is backed by disappointing earnings surprise history. The company has missed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Northern Trust continues to benefit from its strong wealth management operations with diversified products. Also, the rising interest-rate environment has eased margin pressure aiding revenues. Moreover, approval of 2017 capital plan, expected lesser regulations and steady capital deployment activities are other positives. However, despite undertaking cost-savings measures, mounting expenses continue to hurt the company's financials. Moreover, unstable economic environment is a headwind.”
A number of other equities research analysts have also weighed in on the company. UBS AG upgraded Northern Trust Corporation from a neutral rating to a buy rating and lifted their price objective for the stock from $92.00 to $100.00 in a research report on Friday, September 8th. Royal Bank Of Canada reiterated a buy rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a research report on Friday, August 18th. BidaskClub upgraded Northern Trust Corporation from a sell rating to a hold rating in a research report on Friday, August 11th. Wells Fargo & Company assumed coverage on Northern Trust Corporation in a research report on Wednesday, August 9th. They issued a market perform rating and a $90.00 price objective on the stock. Finally, Goldman Sachs Group, Inc. (The) reiterated a neutral rating and issued a $86.00 price objective (down from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Northern Trust Corporation currently has an average rating of Hold and an average target price of $94.57.
Northern Trust Corporation (NTRS) opened at 87.96 on Wednesday. Northern Trust Corporation has a 52 week low of $66.40 and a 52 week high of $99.30. The firm has a market capitalization of $20.10 billion, a price-to-earnings ratio of 19.97 and a beta of 0.92. The firm has a 50-day moving average price of $88.36 and a 200 day moving average price of $89.74.
Northern Trust Corporation (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.23 by ($0.05). The business had revenue of $1.33 billion during 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%. Northern Trust Corporation’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.09 earnings per share. On average, equities research analysts forecast that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
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The company also recently announced 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. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio (DPR) is presently 38.18%.
Northern Trust Corporation declared that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other Northern Trust Corporation news, insider Stephen N. Potter sold 28,469 shares of Northern Trust Corporation stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $99.08, for a total transaction of $2,820,708.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jana R. Schreuder sold 5,581 shares of Northern Trust Corporation stock in a transaction on Monday, September 11th. The shares were sold at an average price of $90.00, for a total value of $502,290.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,673 shares of company stock valued at $12,394,090. 1.27% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the business. Pennsylvania Trust Co raised its stake in Northern Trust Corporation by 4.5% during 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 last quarter. Boston Advisors LLC raised its stake in Northern Trust Corporation by 6,051.0% during the second quarter. Boston Advisors LLC now owns 160,540 shares of the asset manager’s stock valued at $15,606,000 after buying an additional 157,930 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Northern Trust Corporation by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 675,307 shares of the asset manager’s stock valued at $65,647,000 after buying an additional 26,164 shares during the last quarter. Eaton Vance Management raised its stake in Northern Trust Corporation by 0.3% during the second quarter. Eaton Vance Management now owns 753,651 shares of the asset manager’s stock valued at $73,262,000 after buying an additional 2,397 shares during the last quarter. Finally, National Pension Service raised its stake in Northern Trust Corporation by 17.6% during 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 last quarter. Institutional investors and hedge funds own 81.92% 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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