Northern Trust Corp. (NTRS) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Northern Trust Corp. (NASDAQ:NTRS) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $93.00 price objective on the stock.
According to Zacks, “Northern Trust’s third-quarter 2016 earnings were in line with the Zacks Consensus Estimate and improved from the year-ago quarter. Results reflected rise in revenue driven by higher net interest income as well as non-interest income. Also, continued growth in assets under custody as well as assets under management acted as tailwind. However, higher operating expenses were the downside. The company continues to benefit from its strong wealth management operations with diversified products and services. Further, the company remains committed towards enhancing shareholders’ value through steady capital deployment activities. Also, favorable trend in credit metrics will bolster future earnings. However, its profitability is expected to be hindered by potential unfavorable changes in global market conditions and persistently low rate environment.”
NTRS has been the subject of a number of other research reports. Jefferies Group restated a hold rating and issued a $77.00 price target on shares of Northern Trust Corp. in a report on Monday, October 10th. Credit Suisse Group AG set a $68.00 target price on Northern Trust Corp. and gave the company a hold rating in a research note on Wednesday, July 20th. Credit Agricole SA increased their target price on Northern Trust Corp. from $70.00 to $73.00 and gave the company an underperform rating in a research note on Friday, September 23rd. Finally, Deutsche Bank AG increased their target price on Northern Trust Corp. from $75.00 to $76.00 and gave the company a hold rating in a research note on Friday, September 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $73.42.
Shares of Northern Trust Corp. (NASDAQ:NTRS) traded up 0.62% during trading on Wednesday, hitting $81.54. 587,109 shares of the stock were exchanged. Northern Trust Corp. has a 12-month low of $54.38 and a 12-month high of $83.09. The firm has a 50 day moving average of $72.63 and a 200-day moving average of $69.87. The company has a market cap of $18463.18 billion, a price-to-earnings ratio of 19.41 and a beta of 1.02.
Northern Trust Corp. (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, October 19th. The company reported $1.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.09 by $0.01. The company earned $1.22 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Northern Trust Corp. had a return on equity of 11.55% and a net margin of 19.58%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 EPS. On average, analysts forecast that Northern Trust Corp. will post $4.29 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Friday, December 2nd will be given a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.88%. Northern Trust Corp.’s dividend payout ratio (DPR) is 36.45%.
In other Northern Trust Corp. news, Chairman Frederick H. Waddell sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $81.99, for a total transaction of $16,398,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven L. Fradkin sold 323,192 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $80.98, for a total value of $26,172,088.16. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in NTRS. British Columbia Investment Management Corp raised its stake in shares of Northern Trust Corp. by 13.7% in the second quarter. British Columbia Investment Management Corp now owns 157,794 shares of the company’s stock worth $10,455,000 after buying an additional 19,039 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of Northern Trust Corp. by 5.9% in the second quarter. Raymond James Trust N.A. now owns 3,663 shares of the company’s stock worth $243,000 after buying an additional 204 shares during 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 worth $1,147,000 after buying an additional 65 shares during the period. BlueMountain Capital Management LLC purchased a new stake in Northern Trust Corp. during the first quarter worth $254,000. Finally, Lowe Brockenbrough & Co. Inc. purchased a new stake in Northern Trust Corp. during the first quarter worth $595,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.
About Northern Trust Corp.
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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