Donaldson Capital Management LLC Boosts Stake in Northern Trust Corporation (NTRS)
Donaldson Capital Management LLC raised its stake in Northern Trust Corporation (NASDAQ:NTRS) by 8.4% during the second quarter, Holdings Channel reports. The fund owned 2,727 shares of the asset manager’s stock after buying an additional 211 shares during the period. Donaldson Capital Management LLC’s holdings in Northern Trust Corporation were worth $265,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank increased its position in shares of Northern Trust Corporation by 54.0% in the second quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock valued at $106,000 after buying an additional 382 shares during the last quarter. Kings Point Capital Management acquired a new position in shares of Northern Trust Corporation during the first quarter valued at about $101,000. Trust Department MB Financial Bank N A increased its position in shares of Northern Trust Corporation by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock valued at $101,000 after buying an additional 72 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Northern Trust Corporation during the first quarter valued at about $117,000. Finally, Bessemer Group Inc. increased its position in shares of Northern Trust Corporation by 16.9% in the second quarter. Bessemer Group Inc. now owns 1,461 shares of the asset manager’s stock valued at $143,000 after buying an additional 211 shares during the last quarter. 82.90% of the stock is currently owned by institutional investors.
Shares of Northern Trust Corporation (NASDAQ:NTRS) opened at 88.64 on Tuesday. The stock has a 50 day moving average of $92.37 and a 200 day moving average of $89.32. Northern Trust Corporation has a one year low of $66.39 and a one year high of $99.30. The stock has a market cap of $20.25 billion, a P/E ratio of 20.12 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by $0.05. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the business posted $1.09 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. Equities analysts expect that Northern Trust Corporation will post $4.72 EPS for the current fiscal year.
Northern Trust Corporation announced that its board has approved a share repurchase plan 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 plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be paid a dividend of $0.42 per share. The ex-dividend date is Wednesday, August 30th. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a yield of 1.90%. Northern Trust Corporation’s dividend payout ratio is currently 34.55%.
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Several brokerages have issued reports on NTRS. Zacks Investment Research raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company began coverage on shares of Northern Trust Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $90.00 price objective on the stock. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $86.00 price objective (down from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Finally, Bank of America Corporation reissued 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Northern Trust Corporation presently has an average rating of “Hold” and an average target price of $94.15.
In other Northern Trust Corporation news, insider Stephen N. Potter sold 48,110 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $95.20, for a total transaction of $4,580,072.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman William L. Morrison sold 41,965 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $91.89, for a total transaction of $3,856,163.85. The disclosure for this sale can be found here. Insiders have sold 184,974 shares of company stock valued at $17,103,543 over the last ninety days. Insiders own 1.27% of the company’s stock.
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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