BMO Capital Markets Cuts Northern Trust (NASDAQ:NTRS) Price Target to $190.00

Northern Trust (NASDAQ:NTRS) had its price target reduced by BMO Capital Markets from $208.00 to $190.00 in a report released on Tuesday morning,Benzinga reports. BMO Capital Markets currently has an outperform rating on the asset manager’s stock.

A number of other equities research analysts have also recently weighed in on NTRS. Truist Financial increased their price target on Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of Northern Trust from $185.50 to $185.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Citigroup upped their price objective on shares of Northern Trust from $182.00 to $186.00 and gave the company a “neutral” rating in a report on Monday. Wells Fargo & Company increased their price objective on shares of Northern Trust from $189.00 to $194.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley raised their target price on shares of Northern Trust from $170.00 to $173.00 and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $183.93.

Northern Trust Stock Up 0.2%

Shares of NTRS stock opened at $168.50 on Tuesday. Northern Trust has a 52-week low of $121.12 and a 52-week high of $195.78. The stock has a market cap of $30.83 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.95 and a beta of 1.24. The firm’s 50-day moving average is $181.59 and its 200-day moving average is $171.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.65 and a current ratio of 0.65.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, July 22nd. The asset manager reported $4.23 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $1.52. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Northern Trust had a return on equity of 16.91% and a net margin of 14.76%.Northern Trust’s quarterly revenue was up 35.1% on a year-over-year basis. During the same quarter last year, the company posted $2.13 earnings per share. Sell-side analysts predict that Northern Trust will post 11.65 EPS for the current year.

Northern Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 4th were issued a dividend of $0.88 per share. This is a boost from Northern Trust’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.1%. Northern Trust’s payout ratio is currently 30.21%.

Insider Activity at Northern Trust

In other news, Director Robert Moritz, Jr. purchased 255 shares of Northern Trust stock in a transaction that occurred on Wednesday, July 29th. The shares were acquired at an average price of $179.57 per share, for a total transaction of $45,790.35. Following the transaction, the director owned 8,400 shares of the company’s stock, valued at approximately $1,508,388. The trade was a 3.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Thomas A. South sold 1,800 shares of Northern Trust stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $184.90, for a total transaction of $332,820.00. Following the completion of the transaction, the executive vice president directly owned 92,917 shares in the company, valued at $17,180,353.30. This trade represents a 1.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Northern Trust

Institutional investors have recently modified their holdings of the business. Continuum Advisory LLC acquired a new position in Northern Trust in the 2nd quarter worth about $26,000. NBH Bank acquired a new stake in shares of Northern Trust during the second quarter valued at about $30,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Northern Trust during the second quarter worth about $31,000. Reflection Asset Management bought a new stake in shares of Northern Trust during the fourth quarter worth about $25,000. Finally, Basecamp Wealth Advisors LLC increased its stake in shares of Northern Trust by 99.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager’s stock valued at $28,000 after buying an additional 101 shares during the period. Institutional investors and hedge funds own 83.19% of the company’s stock.

Northern Trust Company Profile

Northern Trust Corporation is a financial services company headquartered in Chicago, Illinois. Founded in 1889, the company provides wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent individuals and families, and financial professionals.

Through its wealth management business, Northern Trust offers investment management, financial planning, trust and estate services, private banking, and family office solutions. Its asset servicing and banking operations support institutional investors and businesses with custody, fund administration, securities lending, foreign exchange, treasury services, capital markets, and related banking solutions.

Northern Trust serves clients through operations in the United States and international markets, including Canada, Europe, the Middle East and the Asia-Pacific region.