Northern Trust Co. (NTRS) PT Lowered to $97.00 at Bank of America Corporation
Northern Trust Co. (NASDAQ:NTRS) had its target price dropped by analysts at Bank of America Corporation from $106.00 to $97.00 in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the asset manager’s stock. Bank of America Corporation’s target price points to a potential upside of 10.86% from the company’s previous close.
NTRS has been the subject of several other research reports. Deutsche Bank AG reduced their target price on shares of Northern Trust from $94.00 to $93.00 and set a “hold” rating for the company in a research note on Thursday, April 6th. Credit Suisse Group reiterated a “hold” rating and issued a $90.00 target price on shares of Northern Trust in a research note on Sunday, May 28th. Morgan Stanley reiterated an “underweight” rating and issued a $86.00 target price (up previously from $80.00) on shares of Northern Trust in a research note on Friday, July 7th. Zacks Investment Research lowered shares of Northern Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $97.00 price target on shares of Northern Trust in a research report on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $93.08.
Shares of Northern Trust (NASDAQ NTRS) traded down 1.92% on Thursday, hitting $87.50. 4,028,543 shares of the stock were exchanged. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 19.95 and a beta of 0.94. Northern Trust has a 1-year low of $65.92 and a 1-year high of $99.30. The stock’s 50-day moving average is $94.30 and its 200-day moving average is $89.21.
Northern Trust (NASDAQ:NTRS) last posted its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by $0.05. Northern Trust had a return on equity of 11.30% and a net margin of 19.18%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the company earned $1.09 EPS. The business’s revenue was up .5% compared to the same quarter last year. Analysts forecast that Northern Trust will post $4.82 earnings per share for the current year.
Northern Trust declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the asset manager to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, insider Clair Joyce St sold 17,406 shares of the stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $90.46, for a total value of $1,574,546.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman William L. Morrison sold 25,000 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $87.28, for a total transaction of $2,182,000.00. The disclosure for this sale can be found here. Insiders have sold 458,002 shares of company stock valued at $41,937,824 in the last quarter. Company insiders own 1.27% of the company’s stock.
Large investors have recently made changes to their positions in the company. Trust Department MB Financial Bank N A increased its stake 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 stake in shares of Northern Trust during the first quarter worth about $101,000. Advisory Services Network LLC purchased a new stake in shares of Northern Trust during the first quarter worth about $117,000. Jolley Asset Management LLC increased its stake in shares of Northern Trust by 25.9% in the first quarter. Jolley Asset Management LLC now owns 1,700 shares of the asset manager’s stock worth $147,000 after buying an additional 350 shares during the last quarter. Finally, Atria Investments LLC purchased a new stake in shares of Northern Trust during the second quarter worth about $200,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.
Northern Trust Company Profile
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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