Royal Bank Of Canada Reiterates Buy Rating for Northern Trust Corporation (NTRS)
Northern Trust Corporation (NASDAQ:NTRS)‘s stock had its “buy” rating restated by stock analysts at Royal Bank Of Canada in a report released on Friday. They currently have a $97.00 target price on the asset manager’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 10.32% from the company’s current price.
NTRS has been the subject of several other research reports. Deutsche Bank AG reaffirmed a “hold” rating and issued a $96.00 target price (up previously from $93.00) on shares of Northern Trust Corporation in a report on Saturday, April 29th. Credit Suisse Group reaffirmed a “hold” rating and issued a $90.00 target price on shares of Northern Trust Corporation in a report on Sunday, May 28th. Morgan Stanley dropped their target price on shares of Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating for the company in a report on Thursday, July 20th. BidaskClub downgraded shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Zacks Investment Research downgraded shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Northern Trust Corporation currently has an average rating of “Hold” and an average target price of $94.15.
Northern Trust Corporation (NTRS) traded up 0.57% during midday trading on Friday, reaching $87.93. The company had a trading volume of 1,149,151 shares. Northern Trust Corporation has a 52 week low of $66.40 and a 52 week high of $99.30. The company has a market capitalization of $20.09 billion, a price-to-earnings ratio of 19.96 and a beta of 0.92. The firm has a 50-day moving average price of $91.52 and a 200-day moving average price of $89.38.
Northern Trust Corporation (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by $0.05. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 EPS. Analysts expect that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
Northern Trust Corporation declared that its board has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the asset manager to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
In other Northern Trust Corporation news, Vice Chairman William L. Morrison sold 41,965 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $91.89, for a total transaction of $3,856,163.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Susan Gillian Pembleton sold 9,793 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $88.29, for a total transaction of $864,623.97. The disclosure for this sale can be found here. Insiders have sold a total of 167,736 shares of company stock valued at $15,608,092 in the last three months. Insiders own 1.27% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Kings Point Capital Management acquired a new stake in shares of Northern Trust Corporation during the first quarter valued at about $101,000. Salem Investment Counselors Inc. boosted its stake in shares of Northern Trust Corporation by 8.3% in the second quarter. Salem Investment Counselors Inc. now owns 1,083 shares of the asset manager’s stock valued at $105,000 after buying an additional 83 shares in the last quarter. Huntington National Bank boosted its stake in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock valued at $106,000 after buying an additional 382 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Northern Trust Corporation during the second quarter valued at about $107,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Northern Trust Corporation during the first quarter valued at about $117,000. Hedge funds and other institutional investors own 82.90% of the company’s stock.
About Northern Trust Corporation
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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