Korea Investment CORP Sells 1,929 Shares of Northern Trust Corporation (NASDAQ:NTRS)
Korea Investment CORP decreased its position in Northern Trust Corporation (NASDAQ:NTRS) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,097 shares of the asset manager’s stock after selling 1,929 shares during the period. Korea Investment CORP’s holdings in Northern Trust Corporation were worth $4,967,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in NTRS. Pennsylvania Trust Co raised its position 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 buying an additional 1,945 shares during the period. Cleararc Capital Inc. raised its position in shares of Northern Trust Corporation by 1.7% in the first quarter. Cleararc Capital Inc. now owns 5,247 shares of the asset manager’s stock valued at $454,000 after buying an additional 89 shares during the period. National Pension Service raised its position in shares of Northern Trust Corporation by 17.6% in the second quarter. National Pension Service now owns 211,118 shares of the asset manager’s stock valued at $20,478,000 after buying an additional 31,558 shares during the period. BARING ASSET MANAGEMENT Ltd acquired a new position in shares of Northern Trust Corporation during the first quarter valued at approximately $1,638,000. Finally, First Citizens Bank & Trust Co. acquired a new position in shares of Northern Trust Corporation during the first quarter valued at approximately $892,000. 83.48% of the stock is currently owned by institutional investors.
Shares of Northern Trust Corporation (NTRS) opened at 87.15 on Friday. Northern Trust Corporation has a 12-month low of $66.40 and a 12-month high of $99.30. The company has a 50 day moving average price of $92.53 and a 200 day moving average price of $89.21. The stock has a market cap of $19.91 billion, a P/E ratio of 19.78 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.09 EPS. Analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
Northern Trust Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.93%. This is a positive change from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 30th. Northern Trust Corporation’s payout ratio is presently 34.55%.
NTRS has been the topic of several recent analyst reports. Wells Fargo & Company initiated coverage on Northern Trust Corporation in a research note on Wednesday. They issued a “market perform” rating and a $90.00 price target on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a research note on Wednesday, May 10th. BidaskClub lowered Northern Trust Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research note on Wednesday, July 12th. Finally, Buckingham Research reaffirmed a “neutral” rating and issued a $103.00 price target (up previously from $93.00) on shares of Northern Trust Corporation in a research note on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Northern Trust Corporation presently has an average rating of “Hold” and an average price target of $94.15.
In other news, insider Teresa Parker sold 11,399 shares of Northern Trust Corporation stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $87.65, for a total transaction of $999,122.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,974 shares of company stock worth $17,103,543. Corporate insiders own 1.27% 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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