Northern Trust Corp. (NTRS) Stock Rating Lowered by Zacks Investment Research
Northern Trust Corp. (NASDAQ:NTRS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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. Credit Suisse Group AG set a $68.00 target price on shares of Northern Trust Corp. and gave the company a “hold” rating in a research report on Wednesday, July 20th. Jefferies Group reissued a “hold” rating and issued a $71.00 target price (up previously from $68.00) on shares of Northern Trust Corp. in a research report on Sunday, July 24th. Deutsche Bank AG boosted their target price on shares of Northern Trust Corp. from $75.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, September 9th. Finally, Credit Agricole SA boosted their target price on shares of 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 equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Northern Trust Corp. has a consensus rating of “Hold” and a consensus price target of $73.42.
Shares of Northern Trust Corp. (NASDAQ:NTRS) opened at 81.50 on Thursday. The firm has a 50-day moving average of $73.20 and a 200 day moving average of $69.93. Northern Trust Corp. has a 52-week low of $54.38 and a 52-week high of $83.09. The firm has a market cap of $18.45 billion, a PE ratio of 19.42 and a beta of 1.02.
Northern Trust Corp. (NASDAQ:NTRS) last announced its earnings results on Wednesday, October 19th. The company reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by $0.01. The business earned $1.22 billion during the quarter, compared to the consensus estimate of $1.25 billion. Northern Trust Corp. had a net margin of 19.58% and a return on equity of 11.55%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.96 EPS. On average, equities analysts predict that Northern Trust Corp. will post $4.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 2nd will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Wednesday, November 30th. Northern Trust Corp.’s dividend payout ratio is currently 36.45%.
In other Northern Trust Corp. news, CFO Biff Bowman sold 2,960 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $70.00, for a total transaction of $207,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman William L. Morrison sold 98,239 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $72.57, for a total transaction of $7,129,204.23. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Financial Architects Inc increased its stake in Northern Trust Corp. by 5,936.0% in the second quarter. Financial Architects Inc now owns 1,509 shares of the company’s stock worth $100,000 after buying an additional 1,484 shares in the last quarter. Global X Management Co. LLC increased its stake in Northern Trust Corp. by 30.8% in the second quarter. Global X Management Co. LLC now owns 1,545 shares of the company’s stock worth $102,000 after buying an additional 364 shares in the last quarter. Woodmont Investment Counsel LLC purchased a new stake in Northern Trust Corp. during the third quarter worth $114,000. Creative Planning increased its stake in Northern Trust Corp. by 61.9% in the second quarter. Creative Planning now owns 1,755 shares of the company’s stock worth $116,000 after buying an additional 671 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Northern Trust Corp. by 71.7% in the third quarter. Advisors Asset Management Inc. now owns 1,717 shares of the company’s stock worth $117,000 after buying an additional 717 shares in the last quarter. 81.31% of the stock is owned by institutional investors and hedge funds.
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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