Key Points
- Northern Trust director Robert Moritz Jr. purchased 236 shares at an average price of $169.07, investing approximately $39,901 and increasing his stake by 2.81%.
- The company reported quarterly earnings of $3.40 per share, beating estimates by $0.53, while revenue rose 13.4% year over year to $2.30 billion.
- Northern Trust declared a quarterly dividend of $0.88 per share, equivalent to an annualized $3.52 payout and a 2.1% yield; analysts maintain a consensus “Hold” rating with an average price target of $181.03.
Northern Trust Corporation (NASDAQ:NTRS - Get Free Report) Director Robert Moritz, Jr. acquired 236 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were bought at an average price of $169.07 per share, for a total transaction of $39,900.52. Following the completion of the purchase, the director owned 8,636 shares in the company, valued at $1,460,088.52. This trade represents a 2.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Northern Trust Stock Up 0.9%
Shares of NASDAQ NTRS opened at $170.66 on Tuesday. The company has a quick ratio of 0.65, a current ratio of 0.61 and a debt-to-equity ratio of 0.43. The company has a market cap of $31.22 billion, a P/E ratio of 13.37, a P/E/G ratio of 0.88 and a beta of 1.24. Northern Trust Corporation has a 52 week low of $121.53 and a 52 week high of $195.78. The business has a 50-day simple moving average of $175.26 and a two-hundred day simple moving average of $165.42.
Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The asset manager reported $3.40 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.53. The firm had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.26 billion. Northern Trust had a return on equity of 17.97% and a net margin of 15.86%. The company's revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 earnings per share. Research analysts anticipate that Northern Trust Corporation will post 11.95 earnings per share for the current fiscal year.
Northern Trust Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 1st. Investors of record on Friday, December 4th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 4th. Northern Trust's dividend payout ratio (DPR) is 27.59%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Northern Trust in the 2nd quarter worth approximately $2,523,781,000. Primecap Management Co. CA purchased a new position in Northern Trust during the second quarter valued at $1,060,553,000. Dimensional Fund Advisors LP grew its holdings in Northern Trust by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,455,996 shares of the asset manager's stock valued at $342,744,000 after purchasing an additional 36,322 shares during the period. Bank of New York Mellon Corp bought a new stake in Northern Trust during the second quarter valued at about $361,079,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Northern Trust by 2.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,500,961 shares of the asset manager's stock worth $254,203,000 after buying an additional 29,490 shares during the period. 83.19% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
NTRS has been the subject of several recent analyst reports. Weiss Ratings cut Northern Trust from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, October 23rd. Barclays raised their price target on Northern Trust from $189.00 to $194.00 and gave the company an "equal weight" rating in a report on Thursday, October 22nd. BMO Capital Markets dropped their price target on Northern Trust from $208.00 to $190.00 and set an "outperform" rating for the company in a research report on Tuesday, October 6th. Evercore dropped their price target on Northern Trust from $183.00 to $179.00 in a research report on Wednesday, October 28th. Finally, TD Cowen initiated coverage on Northern Trust in a report on Thursday, October 8th. They set a "hold" rating and a $175.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Northern Trust presently has an average rating of "Hold" and an average price target of $181.03.
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About Northern Trust
(
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Northern Trust Corporation (NASDAQ:NTRS) is a financial services company that provides wealth management, asset servicing, asset management and banking services. The company serves institutional investors, corporations, financial institutions, high-net-worth individuals and families.
Its offerings include custody and administration of investment assets, fund accounting, securities lending, foreign exchange, treasury services, investment management, trust and estate services, private banking and wealth planning.
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