State of Wisconsin Investment Board Raises Stake in Northern Trust Corporation (NTRS)
State of Wisconsin Investment Board boosted its stake in Northern Trust Corporation (NASDAQ:NTRS) by 29.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 113,027 shares of the asset manager’s stock after buying an additional 25,790 shares during the period. State of Wisconsin Investment Board’s holdings in Northern Trust Corporation were worth $10,987,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Pennsylvania Trust Co boosted 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 in the last quarter. Boston Advisors LLC boosted its position 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 buying an additional 157,930 shares in the last quarter. Cleararc Capital Inc. boosted 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 in the last quarter. National Pension Service boosted 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 in the last quarter. Finally, BARING ASSET MANAGEMENT Ltd bought a new position in shares of Northern Trust Corporation during the first quarter valued at $1,638,000. 82.90% of the stock is owned by institutional investors and hedge funds.
Northern Trust Corporation (NASDAQ:NTRS) opened at 89.21 on Thursday. Northern Trust Corporation has a 12-month low of $66.40 and a 12-month high of $99.30. The stock’s 50 day moving average price is $90.94 and its 200-day moving average price is $89.54. The firm has a market cap of $20.38 billion, a PE ratio of 20.25 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings data 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 net margin of 20.21% and a return on equity of 12.08%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the company earned $1.09 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio is 34.55%.
Northern Trust Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several equities analysts have weighed in on NTRS shares. Wells Fargo & Company started coverage on Northern Trust Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $90.00 price objective for the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a report on Wednesday, May 10th. BidaskClub cut Northern Trust Corporation from a “hold” rating to a “sell” rating in a report 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 objective for the company in a report on Wednesday, July 12th. Finally, Buckingham Research reaffirmed a “neutral” rating and issued a $103.00 price objective (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $94.15.
In other news, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven L. Fradkin sold 14,700 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $89.23, for a total transaction of $1,311,681.00. The disclosure for this sale can be found here. Insiders have sold a total of 171,757 shares of company stock valued at $15,977,335 in the last three months. 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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