Farmers & Merchants Investments Inc. continued to hold its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,113 shares of the asset manager’s stock at the end of the second quarter. Farmers & Merchants Investments Inc.’s holdings in Northern Trust Corporation were worth $400,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Northern Trust Corporation by 2,771.9% in the first quarter. BlackRock Inc. now owns 13,279,770 shares of the asset manager’s stock valued at $1,149,760,000 after buying an additional 12,817,363 shares during the period. FMR LLC boosted its stake in shares of Northern Trust Corporation by 38.4% in the first 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. Findlay Park Partners LLP boosted its stake in shares of Northern Trust Corporation by 82.8% in the first quarter. Findlay Park Partners LLP now owns 2,742,643 shares of the asset manager’s stock valued at $237,458,000 after buying an additional 1,242,643 shares during the period. Primecap Management Co. CA boosted its stake in shares of Northern Trust Corporation by 30.2% in the first 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. Finally, Vanguard Group Inc. increased its position in shares of Northern Trust Corporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 13,891,932 shares of the asset manager’s stock valued at $1,202,764,000 after buying an additional 527,025 shares in the last quarter. Institutional investors and hedge funds own 83.48% of the company’s stock.
Northern Trust Corporation (NTRS) traded down 0.06% during mid-day trading on Friday, reaching $87.15. The company had a trading volume of 1,043,485 shares. The firm has a 50-day moving average price of $92.53 and a 200 day moving average price of $89.21. Northern Trust Corporation has a 12-month low of $66.40 and a 12-month high of $99.30. The firm has a market capitalization of $19.91 billion, a price-to-earnings ratio of 19.78 and a beta of 0.92.
Northern Trust Corporation (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. Northern Trust Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 EPS. Analysts expect that Northern Trust Corporation will post $4.72 EPS for the current year.
Northern Trust Corporation declared that its board has initiated a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Wednesday, August 30th. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio (DPR) is presently 34.55%.
Several brokerages have commented on NTRS. BidaskClub upgraded 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 report on Wednesday. They set a “market perform” rating and a $90.00 price target for the company. Zacks Investment Research upgraded shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $86.00 price target (down from $91.00) on shares of Northern Trust Corporation in a report on Saturday, July 22nd. Finally, Morgan Stanley lowered their price target on shares of Northern Trust Corporation from $86.00 to $83.00 and set an “underweight” rating for the company in a report on Thursday, July 20th. 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 related news, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction on Friday, May 19th. The shares were sold at an average price of $87.28, for a total value of $2,182,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen N. Potter sold 28,469 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $99.08, for a total transaction of $2,820,708.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,974 shares of company stock worth $17,103,543. 1.27% of the stock is owned by corporate insiders.
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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