Gabelli Funds LLC decreased its position in Northern Trust Co. (NASDAQ:NTRS) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 110,000 shares of the asset manager’s stock after selling 2,000 shares during the quarter. Gabelli Funds LLC’s holdings in Northern Trust were worth $11,234,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. raised its stake in Northern Trust by 8,671.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock valued at $126,000 after purchasing an additional 1,214 shares during the last quarter. Sageworth Trust Co raised its stake in Northern Trust by 296.3% in the 3rd quarter. Sageworth Trust Co now owns 1,407 shares of the asset manager’s stock valued at $144,000 after purchasing an additional 1,052 shares during the last quarter. Delta Asset Management LLC TN acquired a new position in Northern Trust in the 2nd quarter valued at about $145,000. Qube Research & Technologies Ltd raised its stake in Northern Trust by 64.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,813 shares of the asset manager’s stock valued at $187,000 after purchasing an additional 709 shares during the last quarter. Finally, GWM Advisors LLC acquired a new position in Northern Trust in the 2nd quarter valued at about $215,000. 77.89% of the stock is owned by hedge funds and other institutional investors.
NTRS opened at $97.94 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $21.21 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 1.22 and a beta of 0.97. Northern Trust Co. has a 12 month low of $87.98 and a 12 month high of $115.61.
Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, October 17th. The asset manager reported $1.58 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.03). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 EPS. As a group, sell-side analysts forecast that Northern Trust Co. will post 6.61 EPS for the current fiscal year.
Northern Trust announced that its Board of Directors has initiated a share buyback program on Tuesday, July 17th that permits the company to buyback 25,000,000 shares. This buyback authorization permits the asset manager to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Thursday, December 13th. Northern Trust’s payout ratio is currently 45.55%.
Several research analysts recently weighed in on the stock. Wells Fargo & Co raised shares of Northern Trust from a “market perform” rating to an “outperform” rating and set a $126.00 target price for the company in a research note on Wednesday. Vining Sparks reissued a “buy” rating and issued a $130.00 target price on shares of Northern Trust in a research note on Monday, July 23rd. Deutsche Bank cut their target price on shares of Northern Trust from $119.00 to $118.00 and set a “hold” rating for the company in a research note on Thursday, August 16th. BidaskClub cut Northern Trust from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. Finally, Wolfe Research started coverage on Northern Trust in a report on Tuesday, September 25th. They issued a “market perform” rating for the company. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $118.24.
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Northern Trust Company Profile
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
Further Reading: Why do company’s buyback their stock?
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