Northern Trust (NTRS) Shares Gap Down Following Weak Earnings
Northern Trust Co. (NASDAQ:NTRS) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $95.76, but opened at $94.21. Northern Trust shares last traded at $93.96, with a volume of 69510 shares trading hands.
The asset manager reported $1.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.03). Northern Trust had a return on equity of 15.02% and a net margin of 22.88%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The company’s revenue was up 9.4% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be paid a dividend of $0.55 per share. The ex-dividend date is Thursday, December 13th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.36%. Northern Trust’s dividend payout ratio (DPR) is 45.55%.
NTRS has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Northern Trust from $110.00 to $117.00 and gave the stock a “$108.44” rating in a research note on Thursday, July 19th. Zacks Investment Research upgraded shares of Northern Trust from a “hold” rating to a “buy” rating and set a $124.00 price target on the stock in a research note on Friday, July 20th. Vining Sparks reiterated a “buy” rating and set a $130.00 price target on shares of Northern Trust in a research note on Monday, July 23rd. UBS Group boosted their price target on shares of Northern Trust from $124.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Finally, Deutsche Bank upgraded shares of Northern Trust from a “hold” rating to a “buy” rating and set a $112.00 price target on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Northern Trust currently has an average rating of “Buy” and a consensus target price of $117.00.
In other Northern Trust news, COO Jana R. Schreuder sold 9,699 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $110.00, for a total transaction of $1,066,890.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Biff Bowman sold 21,352 shares of the company’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $111.11, for a total transaction of $2,372,420.72. The disclosure for this sale can be found here. Insiders have sold 67,864 shares of company stock worth $7,533,831 over the last 90 days. 1.04% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of NTRS. Migdal Insurance & Financial Holdings Ltd. grew its position in Northern Trust by 8,671.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock worth $126,000 after buying an additional 1,214 shares during the period. Delta Asset Management LLC TN acquired a new position in Northern Trust during the second quarter worth about $145,000. Qube Research & Technologies Ltd lifted its holdings in shares of Northern Trust by 64.2% in the second quarter. Qube Research & Technologies Ltd now owns 1,813 shares of the asset manager’s stock valued at $187,000 after purchasing an additional 709 shares in the last quarter. GWM Advisors LLC purchased a new stake in shares of Northern Trust in the second quarter valued at about $215,000. Finally, Exane Derivatives purchased a new stake in shares of Northern Trust in the second quarter valued at about $220,000. Institutional investors own 77.99% of the company’s stock.
The firm has a market cap of $22.80 billion, a PE ratio of 19.64, a PEG ratio of 1.19 and a beta of 0.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.66 and a current ratio of 0.66.
Northern Trust Company Profile (NASDAQ:NTRS)
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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