Bank of America Corp Reaffirms Buy Rating for Northern Trust Co. (NTRS)
Northern Trust Co. (NASDAQ:NTRS)‘s stock had its “buy” rating reiterated by equities research analysts at Bank of America Corp in a report issued on Friday. They presently have a $98.00 price target on the asset manager’s stock. Bank of America Corp’s target price would indicate a potential upside of 11.01% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the company. Jefferies Group LLC raised Northern Trust from a “hold” rating to a “buy” rating and boosted their price target for the company from $90.00 to $102.00 in a research note on Tuesday, April 11th. Royal Bank of Canada reissued a “buy” rating and issued a $97.00 price target on shares of Northern Trust in a research note on Wednesday, May 10th. Credit Suisse Group AG reissued a “hold” rating and issued a $90.00 price target on shares of Northern Trust in a research note on Monday, May 15th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $96.00 price target (up previously from $93.00) on shares of Northern Trust in a research note on Saturday, April 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $88.71.
Shares of Northern Trust (NASDAQ:NTRS) opened at 88.28 on Friday. The firm has a market capitalization of $20.27 billion, a PE ratio of 20.13 and a beta of 1.05. Northern Trust has a 52-week low of $61.32 and a 52-week high of $92.29. The company has a 50 day moving average of $88.52 and a 200 day moving average of $86.75.
Northern Trust (NASDAQ:NTRS) last issued its earnings results on Tuesday, April 25th. The asset manager reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. Northern Trust had a return on equity of 11.68% and a net margin of 19.76%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. On average, analysts anticipate that Northern Trust will post $4.80 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 2nd will be given a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.52 annualized dividend and a dividend yield of 1.72%. Northern Trust’s dividend payout ratio is 35.43%.
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In other news, COO Jana R. Schreuder sold 7,327 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $90.02, for a total value of $659,576.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Frederick H. Waddell sold 205,923 shares of the stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $90.46, for a total value of $18,627,794.58. The disclosure for this sale can be found here. Insiders sold 414,673 shares of company stock valued at $37,465,055 over the last three months. 1.90% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the stock. Trust Department MB Financial Bank N A raised its position in shares of Northern Trust by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock worth $101,000 after buying an additional 72 shares during the last quarter. Kings Point Capital Management purchased a new position in shares of Northern Trust during the first quarter worth approximately $101,000. Bessemer Group Inc. raised its position in shares of Northern Trust by 689.7% in the fourth quarter. Bessemer Group Inc. now owns 1,303 shares of the asset manager’s stock worth $116,000 after buying an additional 1,138 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Northern Trust during the first quarter worth approximately $117,000. Finally, Virtus Investment Advisers Inc. purchased a new position in shares of Northern Trust during the third quarter worth approximately $120,000. 79.48% of the stock is owned by institutional investors.
About Northern Trust
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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