Citigroup Inc. Reiterates “Neutral” Rating for Northern Trust Corporation (NTRS)
Northern Trust Corporation (NASDAQ:NTRS)‘s stock had its “neutral” rating restated by analysts at Citigroup Inc. in a research report issued on Monday. They presently have a $92.00 price target on the asset manager’s stock, up from their prior price target of $90.00. Citigroup Inc.’s price target would indicate a potential downside of 1.36% from the stock’s current price.
Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Northern Trust Corporation from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Wednesday, July 12th. Royal Bank Of Canada reiterated a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a report on Thursday, June 29th. Bank of America Corporation reduced their price target 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 lifted their price target for the company from $92.00 to $100.00 in a report on Friday, September 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $95.93.
Shares of Northern Trust Corporation (NASDAQ NTRS) opened at 93.27 on Monday. The firm has a market capitalization of $21.31 billion, a P/E ratio of 21.17 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 stock has a 50 day moving average price of $89.88 and a 200 day moving average price of $90.12.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The business’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Analysts forecast that Northern Trust Corporation will post $4.69 EPS for the current year.
Northern Trust Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
In related news, Chairman Frederick H. Waddell sold 100,000 shares of Northern Trust Corporation stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $92.00, for a total transaction of $9,200,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Aileen B. Blake sold 1,000 shares of Northern Trust Corporation stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $94.00, for a total transaction of $94,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,094 shares of company stock valued at $15,115,309. 1.27% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Northern Trust Corporation by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 14,255,623 shares of the asset manager’s stock worth $1,385,789,000 after purchasing an additional 363,691 shares during the period. BlackRock Inc. boosted its position in Northern Trust Corporation by 0.3% in the 2nd quarter. BlackRock Inc. now owns 13,318,550 shares of the asset manager’s stock valued at $1,294,697,000 after buying an additional 38,780 shares during the period. Northern Trust Corp boosted its position in Northern Trust Corporation by 1.5% in the 2nd quarter. Northern Trust Corp now owns 12,414,424 shares of the asset manager’s stock valued at $1,206,806,000 after buying an additional 184,112 shares during the period. FMR LLC boosted its position in Northern Trust Corporation by 38.4% in the 1st quarter. FMR LLC now owns 12,370,754 shares of the asset manager’s stock valued at $1,071,060,000 after buying an additional 3,430,332 shares during the period. Finally, Primecap Management Co. CA boosted its position in Northern Trust Corporation by 30.2% in the 1st quarter. Primecap Management Co. CA now owns 2,553,950 shares of the asset manager’s stock valued at $221,121,000 after buying an additional 592,550 shares during the period. 81.90% of the stock is owned by hedge funds and other institutional investors.
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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