Northern Trust Corporation (NTRS) Upgraded by UBS AG to “Buy”
Northern Trust Corporation (NASDAQ:NTRS) was upgraded by research analysts at UBS AG from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, The Fly reports.
Several other equities analysts also recently commented on NTRS. Credit Suisse Group restated a “hold” rating and issued a $90.00 price target on shares of Northern Trust Corporation in a research note on Monday, May 15th. Jefferies Group LLC reaffirmed a “buy” rating and set a $102.00 price objective on shares of Northern Trust Corporation in a research report on Wednesday, May 17th. Bank of America Corporation reaffirmed a “buy” rating and set a $98.00 price objective (up from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Zacks Investment Research cut shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub raised shares of Northern Trust Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $94.15.
Northern Trust Corporation (NTRS) traded up 2.43% during mid-day trading on Friday, reaching $88.95. The company’s stock had a trading volume of 471,597 shares. The firm has a market capitalization of $20.32 billion, a price-to-earnings ratio of 20.19 and a beta of 0.92. Northern Trust Corporation has a 52 week low of $66.39 and a 52 week high of $99.30. The company’s 50-day moving average price is $88.19 and its 200 day moving average price is $89.70.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by $0.05. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The business’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 EPS. On average, equities analysts forecast that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
Northern Trust Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, Vice Chairman William L. Morrison sold 41,965 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $91.89, for a total value of $3,856,163.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Aileen B. Blake sold 7,762 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $88.45, for a total transaction of $686,548.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 158,057 shares of company stock valued at $14,755,654. 1.27% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Pennsylvania Trust Co lifted its position in Northern Trust Corporation by 4.5% in the second quarter. Pennsylvania Trust Co now owns 45,615 shares of the asset manager’s stock valued at $4,434,000 after acquiring an additional 1,945 shares during the last quarter. Boston Advisors LLC lifted its position in Northern Trust Corporation by 6,051.0% in the second quarter. Boston Advisors LLC now owns 160,540 shares of the asset manager’s stock valued at $15,606,000 after acquiring an additional 157,930 shares during the last quarter. National Pension Service lifted its position in Northern Trust Corporation by 17.6% in the second quarter. National Pension Service now owns 211,118 shares of the asset manager’s stock valued at $20,478,000 after acquiring an additional 31,558 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Northern Trust Corporation by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 675,307 shares of the asset manager’s stock valued at $65,647,000 after acquiring an additional 26,164 shares during the last quarter. Finally, Cleararc Capital Inc. lifted its position in Northern Trust Corporation by 1.7% in the first quarter. Cleararc Capital Inc. now owns 5,247 shares of the asset manager’s stock valued at $454,000 after acquiring an additional 89 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.
Northern Trust Corporation 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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