Teacher Retirement System of Texas Has $3.99 Million Position in Northern Trust Corporation (NTRS)
Teacher Retirement System of Texas increased its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 239.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,021 shares of the asset manager’s stock after buying an additional 28,932 shares during the period. Teacher Retirement System of Texas’ holdings in Northern Trust Corporation were worth $3,988,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Tdam USA Inc. raised its stake in Northern Trust Corporation by 0.4% in the second quarter. Tdam USA Inc. now owns 2,629 shares of the asset manager’s stock worth $255,000 after buying an additional 10 shares during the last quarter. Buckingham Asset Management LLC raised its stake in Northern Trust Corporation by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 6,232 shares of the asset manager’s stock worth $540,000 after buying an additional 20 shares during the last quarter. Creative Planning raised its stake in Northern Trust Corporation by 0.8% in the second quarter. Creative Planning now owns 2,374 shares of the asset manager’s stock worth $231,000 after buying an additional 20 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Northern Trust Corporation by 0.8% in the first quarter. Oppenheimer & Co. Inc. now owns 2,821 shares of the asset manager’s stock worth $244,000 after buying an additional 21 shares during the last quarter. Finally, Bank of The West raised its stake in Northern Trust Corporation by 0.7% in the second quarter. Bank of The West now owns 3,506 shares of the asset manager’s stock worth $341,000 after buying an additional 26 shares during the last quarter. 82.90% of the stock is currently owned by institutional investors and hedge funds.
Northern Trust Corporation (NTRS) opened at 87.43 on Friday. The stock has a 50 day moving average price of $91.78 and a 200-day moving average price of $89.35. The stock has a market capitalization of $19.98 billion, a P/E ratio of 19.85 and a beta of 0.92. Northern Trust Corporation has a 12-month low of $66.39 and a 12-month high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last issued its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the firm posted $1.09 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts expect that Northern Trust Corporation will post $4.72 EPS for the current year.
Northern Trust Corporation declared that its Board of Directors has approved 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 reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be paid a $0.42 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.68 dividend on an annualized basis and a yield of 1.92%. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s payout ratio is 34.55%.
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A number of analysts recently commented on the company. BidaskClub raised Northern Trust Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research note on Thursday, June 29th. Jefferies Group LLC reaffirmed a “buy” rating and set a $102.00 price objective on shares of Northern Trust Corporation in a research note on Wednesday, May 17th. Buckingham Research reaffirmed a “neutral” rating and set a $103.00 price objective (up previously from $93.00) on shares of Northern Trust Corporation in a research note on Monday, July 10th. Finally, Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $94.15.
In other Northern Trust Corporation news, insider Teresa Parker sold 11,399 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $87.65, for a total value of $999,122.35. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $2,820,708.52. The disclosure for this sale can be found here. Insiders sold 167,736 shares of company stock worth $15,608,092 in the last 90 days. Corporate 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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