Northern Trust Corporation (NTRS) Downgraded to Sell at Zacks Investment Research
Northern Trust Corporation (NASDAQ:NTRS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Shares of Northern Trust have underperformed the industry year to date. Estimates have declined lately ahead of its third-quarter results. The company has disappointing earnings surprise history. The company has missed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Northern Trust continues to benefit from its strong wealth management operations with diversified products. Also, the rising interest-rate environment has eased margin pressure aiding revenues. However, despite undertaking cost-savings measures, mounting expenses continue to hurt the company's financials. Moreover, unstable economic environment is a headwind.”
Several other equities research analysts have also recently commented on the company. Citigroup Inc. reaffirmed a “neutral” rating and set a $92.00 target price (up previously from $90.00) on shares of Northern Trust Corporation in a research note on Monday, October 9th. UBS AG raised Northern Trust Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $100.00 in a research note on Friday, September 8th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $97.00 target price on shares of Northern Trust Corporation in a research note on Friday, August 18th. BidaskClub raised Northern Trust Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Wells Fargo & Company began coverage on Northern Trust Corporation in a research note on Wednesday, August 9th. They set a “market perform” rating and a $90.00 target price for the company. Two investment analysts have 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 stock. The company presently has a consensus rating of “Hold” and an average target price of $95.93.
Northern Trust Corporation (NASDAQ NTRS) traded down 0.53% during trading on Tuesday, hitting $91.43. The stock had a trading volume of 1,466,749 shares. The stock has a 50 day moving average of $90.23 and a 200 day moving average of $90.28. The firm has a market capitalization of $20.89 billion, a P/E ratio of 20.76 and a beta of 0.93. Northern Trust Corporation has a one year low of $69.46 and a one year high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last released its 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). Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business earned $1.09 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts expect that Northern Trust Corporation will post $4.69 earnings per share for the current fiscal year.
Northern Trust Corporation announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the asset manager to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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In other news, insider Teresa Parker sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $92.00, for a total value of $736,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Aileen B. Blake sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $90.00, for a total value of $90,000.00. The disclosure for this sale can be found here. Insiders sold 166,094 shares of company stock valued at $15,115,309 in the last three months. Insiders own 1.27% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Pennsylvania Trust Co lifted its holdings in shares of 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 purchasing an additional 1,945 shares in the last quarter. Boston Advisors LLC lifted its holdings in shares of 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 purchasing an additional 157,930 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of 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 purchasing an additional 26,164 shares in the last quarter. Eaton Vance Management lifted its holdings in shares of Northern Trust Corporation by 0.3% in the second quarter. Eaton Vance Management now owns 753,651 shares of the asset manager’s stock valued at $73,262,000 after purchasing an additional 2,397 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Northern Trust Corporation by 0.7% in the second quarter. Principal Financial Group Inc. now owns 337,497 shares of the asset manager’s stock valued at $32,808,000 after purchasing an additional 2,298 shares in the last quarter. Institutional investors own 81.89% of the company’s stock.
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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