New Mexico Educational Retirement Board cut its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) by 8.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,011 shares of the asset manager’s stock after selling 1,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Northern Trust Corporation were worth $1,751,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Huntington National Bank raised its stake 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 worth $106,000 after buying an additional 382 shares in the last quarter. Kings Point Capital Management purchased a new stake in shares of Northern Trust Corporation during the first quarter worth $101,000. Trust Department MB Financial Bank N A raised its stake 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 worth $101,000 after buying an additional 72 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Northern Trust Corporation during the first quarter worth $117,000. Finally, Bessemer Group Inc. raised its stake 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 worth $143,000 after buying an additional 211 shares in the last quarter. Institutional investors own 83.48% of the company’s stock.
Shares of Northern Trust Corporation (NASDAQ NTRS) opened at 87.15 on Friday. The firm has a 50 day moving average price of $92.53 and a 200-day moving average price of $89.21. The company has a market cap of $19.91 billion, a price-to-earnings ratio of 19.78 and a beta of 0.92. Northern Trust Corporation has a 52-week low of $66.40 and a 52-week high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business posted $1.09 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be paid a dividend of $0.42 per share. This is a boost from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is 34.55%.
Northern Trust Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub lowered Northern Trust Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Wells Fargo & Company assumed coverage on Northern Trust Corporation in a research report on Wednesday. They set a “market perform” rating and a $90.00 price objective on the stock. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $86.00 price objective (down previously from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Finally, Bank of America Corporation restated a “buy” rating and set a $98.00 price objective (up previously from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Northern Trust Corporation currently has an average rating of “Hold” and an average price target of $94.15.
In other news, Vice Chairman William L. Morrison sold 25,000 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $87.28, for a total transaction of $2,182,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jana R. Schreuder sold 5,538 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $88.33, for a total value of $489,171.54. The disclosure for this sale can be found here. Insiders have sold 184,974 shares of company stock worth $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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