$1.35 Billion in Sales Expected for Northern Trust Corporation (NTRS) This Quarter
Brokerages expect Northern Trust Corporation (NASDAQ:NTRS) to announce sales of $1.35 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Northern Trust Corporation’s earnings, with the lowest sales estimate coming in at $1.34 billion and the highest estimate coming in at $1.37 billion. Northern Trust Corporation posted sales of $1.21 billion in the same quarter last year, which would indicate a positive year over year growth rate of 11.6%. The company is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, October 18th.
According to Zacks, analysts expect that Northern Trust Corporation will report full-year sales of $1.35 billion for the current fiscal year, with estimates ranging from $5.33 billion to $5.38 billion. For the next financial year, analysts forecast that the business will report sales of $5.67 billion per share, with estimates ranging from $5.58 billion to $5.72 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Northern Trust Corporation.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the 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 net margin of 20.21% and a return on equity of 12.08%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.09 earnings per share.
A number of research firms recently commented on NTRS. Zacks Investment Research downgraded shares of Northern Trust Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. BidaskClub downgraded shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reiterated a “buy” rating and issued a $97.00 target price on shares of Northern Trust Corporation in a report on Friday, August 18th. Bank of America Corporation dropped their target price on shares of Northern Trust Corporation from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, July 20th. Finally, UBS AG upgraded shares of Northern Trust Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $100.00 in a report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $96.23.
Shares of Northern Trust Corporation (NTRS) opened at 91.66 on Thursday. The stock has a 50 day moving average of $89.32 and a 200 day moving average of $89.91. The firm has a market capitalization of $20.94 billion, a price-to-earnings ratio of 20.81 and a beta of 0.93. Northern Trust Corporation has a 52-week low of $68.78 and a 52-week high of $99.30.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 1st were given a $0.42 dividend. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is 38.18%.
Northern Trust Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, COO Jana R. Schreuder sold 5,538 shares of Northern Trust Corporation stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $88.33, for a total value of $489,171.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Aileen B. Blake sold 1,000 shares of Northern Trust Corporation stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $92.00, for a total transaction of $92,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 165,094 shares of company stock worth $15,021,309. 1.27% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Tdam USA Inc. increased its position in shares of Northern Trust Corporation by 0.4% in the second quarter. Tdam USA Inc. now owns 2,629 shares of the asset manager’s stock worth $255,000 after acquiring an additional 10 shares in the last quarter. Creative Planning grew its position in Northern Trust Corporation by 0.8% during the second quarter. Creative Planning now owns 2,374 shares of the asset manager’s stock valued at $231,000 after purchasing an additional 20 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in Northern Trust Corporation by 0.8% during the first quarter. Oppenheimer & Co. Inc. now owns 2,821 shares of the asset manager’s stock valued at $244,000 after purchasing an additional 21 shares in the last quarter. Bank of The West grew its position in Northern Trust Corporation by 0.7% during the second quarter. Bank of The West now owns 3,506 shares of the asset manager’s stock valued at $341,000 after purchasing an additional 26 shares in the last quarter. Finally, Wetherby Asset Management Inc. grew its position in Northern Trust Corporation by 0.5% during the second quarter. Wetherby Asset Management Inc. now owns 5,867 shares of the asset manager’s stock valued at $570,000 after purchasing an additional 27 shares in the last quarter. 81.90% of the stock is currently owned by institutional investors and hedge funds.
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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