Northern Trust Corp. (NTRS) Sees Significant Growth in Short Interest
Northern Trust Corp. (NASDAQ:NTRS) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 2,275,013 shares, a growth of 40.8% from the October 14th total of 1,616,051 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average trading volume of 1,233,052 shares, the days-to-cover ratio is presently 1.8 days.
Northern Trust Corp. (NASDAQ:NTRS) opened at 79.88 on Friday. The stock has a 50 day moving average price of $71.45 and a 200 day moving average price of $69.66. Northern Trust Corp. has a 1-year low of $54.38 and a 1-year high of $80.01. The firm has a market capitalization of $18.09 billion, a price-to-earnings ratio of 19.03 and a beta of 1.02.
Northern Trust Corp. (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $1.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by $0.01. Northern Trust Corp. had a return on equity of 11.55% and a net margin of 19.58%. The company earned $1.22 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. Analysts predict that Northern Trust Corp. will post $4.28 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Friday, December 2nd will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Wednesday, November 30th. Northern Trust Corp.’s payout ratio is presently 36.45%.
In other news, EVP Jeffrey D. Cohodes sold 14,365 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $68.00, for a total value of $976,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman William L. Morrison sold 98,239 shares of the firm’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $72.57, for a total value of $7,129,204.23. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Alpha Windward LLC increased its stake in Northern Trust Corp. by 1.1% in the third quarter. Alpha Windward LLC now owns 2,208 shares of the company’s stock valued at $150,000 after buying an additional 25 shares in the last quarter. Conning Inc. increased its stake in Northern Trust Corp. by 0.6% in the third quarter. Conning Inc. now owns 6,353 shares of the company’s stock valued at $432,000 after buying an additional 40 shares in the last quarter. West Oak Capital LLC increased its stake in Northern Trust Corp. by 0.4% in the second quarter. West Oak Capital LLC now owns 17,315 shares of the company’s stock valued at $1,147,000 after buying an additional 65 shares in the last quarter. Gateway Investment Advisers LLC increased its stake in Northern Trust Corp. by 0.4% in the third quarter. Gateway Investment Advisers LLC now owns 15,332 shares of the company’s stock valued at $1,042,000 after buying an additional 67 shares in the last quarter. Finally, Commonwealth Equity Services Inc increased its stake in Northern Trust Corp. by 0.8% in the third quarter. Commonwealth Equity Services Inc now owns 12,626 shares of the company’s stock worth $858,000 after buying an additional 106 shares in the last quarter. 81.72% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. Credit Suisse Group AG set a $68.00 price target on Northern Trust Corp. and gave the company a “hold” rating in a research report on Wednesday, July 20th. Zacks Investment Research upgraded Northern Trust Corp. from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Jefferies Group restated a “hold” rating and issued a $71.00 price target (up previously from $68.00) on shares of Northern Trust Corp. in a research report on Sunday, July 24th. Deutsche Bank AG raised their price target on Northern Trust Corp. from $66.00 to $69.00 and gave the company a “hold” rating in a research report on Monday, July 18th. Finally, Credit Agricole SA raised their price target on Northern Trust Corp. from $70.00 to $73.00 and gave the company an “underperform” rating in a research report on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $72.35.
Northern Trust Corp. 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 around the world. The Company’s segments include Corporate & Institutional Services (C&IS), Wealth Management, and Treasury and Other.
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