Key Points
- CFO David Fox, Jr. sold 1,450 shares on Feb. 25 at an average price of $144.05 for proceeds of $208,872.50, cutting his direct stake to 20,162 shares (a 6.71% ownership decrease, valued at about $2.90M).
- Northern Trust declared a quarterly dividend of $0.80 per share (annualized $3.20), payable April 1 with record/ex-dividend date March 6, implying a roughly 2.2% yield and a payout ratio near 36.6%.
- The company beat recent quarterly estimates with $2.42 EPS (vs. $2.37 expected) and $3.15B revenue; analysts hold a consensus "Hold" rating with a $148.75 target and forecast about 8.27 EPS for the year.
Northern Trust Corporation (NASDAQ:NTRS - Get Free Report) CFO David Fox, Jr. sold 1,450 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $144.05, for a total transaction of $208,872.50. Following the transaction, the chief financial officer directly owned 20,162 shares of the company's stock, valued at $2,904,336.10. This represents a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Northern Trust Price Performance
Shares of NTRS opened at $142.93 on Friday. The firm has a market capitalization of $26.56 billion, a PE ratio of 16.35, a P/E/G ratio of 1.17 and a beta of 1.27. The stock's 50 day moving average is $145.32 and its two-hundred day moving average is $135.29. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $157.60. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.57.
Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings results on Friday, January 30th. The asset manager reported $2.42 EPS for the quarter, beating the consensus estimate of $2.37 by $0.05. The business had revenue of $3.15 billion during the quarter. Northern Trust had a return on equity of 14.87% and a net margin of 12.15%.The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 earnings per share. Research analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current year.
Northern Trust Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be issued a $0.80 dividend. The ex-dividend date is Friday, March 6th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.2%. Northern Trust's dividend payout ratio is currently 36.61%.
Hedge Funds Weigh In On Northern Trust
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Northern Trust by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 22,593,674 shares of the asset manager's stock worth $2,864,652,000 after buying an additional 188,472 shares during the last quarter. State Street Corp raised its holdings in Northern Trust by 1.0% in the third quarter. State Street Corp now owns 9,493,634 shares of the asset manager's stock valued at $1,285,236,000 after buying an additional 97,584 shares during the period. Primecap Management Co. CA grew its stake in Northern Trust by 19.5% during the second quarter. Primecap Management Co. CA now owns 7,793,757 shares of the asset manager's stock worth $988,170,000 after buying an additional 1,270,748 shares during the period. Geode Capital Management LLC increased its position in shares of Northern Trust by 3.7% in the second quarter. Geode Capital Management LLC now owns 5,196,659 shares of the asset manager's stock worth $656,229,000 after acquiring an additional 184,726 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Northern Trust by 8.7% in the fourth quarter. Invesco Ltd. now owns 3,747,840 shares of the asset manager's stock worth $511,917,000 after acquiring an additional 301,164 shares in the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on NTRS. Barclays raised their price target on Northern Trust from $136.00 to $160.00 and gave the company an "equal weight" rating in a research report on Monday, January 5th. Truist Financial set a $148.00 target price on Northern Trust in a research note on Wednesday, January 7th. Morgan Stanley raised their price target on Northern Trust from $131.00 to $140.00 and gave the stock an "underweight" rating in a research report on Friday, January 23rd. Citigroup assumed coverage on Northern Trust in a research report on Monday. They issued a "neutral" rating on the stock. Finally, The Goldman Sachs Group lifted their price objective on Northern Trust from $130.00 to $148.00 and gave the stock a "sell" rating in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $148.75.
View Our Latest Research Report on NTRS
About Northern Trust
(
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Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company's core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.
Northern Trust's product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.
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