Jefferies Group Brokers Reduce Earnings Estimates for Northern Trust Co. (NTRS)
Northern Trust Co. (NASDAQ:NTRS) – Equities researchers at Jefferies Group dropped their FY2017 EPS estimates for shares of Northern Trust in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the asset manager will earn $4.71 per share for the year, down from their prior forecast of $4.72. Jefferies Group also issued estimates for Northern Trust’s Q4 2017 earnings at $1.31 EPS, FY2018 earnings at $6.25 EPS and FY2019 earnings at $6.80 EPS.
NTRS has been the topic of a number of other research reports. Citigroup restated a “neutral” rating and set a $92.00 price objective (up previously from $90.00) on shares of Northern Trust in a research note on Monday, October 9th. Sandler O’Neill restated a “hold” rating and set a $105.00 price objective on shares of Northern Trust in a research note on Wednesday. Zacks Investment Research upgraded Northern Trust from a “sell” rating to a “hold” rating in a research note on Monday, September 25th. Wells Fargo & Co set a $105.00 price objective on Northern Trust and gave the stock a “hold” rating in a research note on Wednesday, December 20th. Finally, Bank of America set a $102.00 price objective on Northern Trust and gave the stock a “buy” rating in a research note on Thursday, October 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $100.20.
Northern Trust (NASDAQ:NTRS) last issued its earnings results on Wednesday, October 18th. The asset manager reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.08. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Northern Trust had a return on equity of 12.33% and a net margin of 20.27%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.11 earnings per share.
Several large investors have recently added to or reduced their stakes in NTRS. Vanguard Group Inc. increased its holdings in Northern Trust by 2.6% in the second quarter. Vanguard Group Inc. now owns 14,255,623 shares of the asset manager’s stock valued at $1,385,789,000 after buying an additional 363,691 shares during the last quarter. BlackRock Inc. increased its holdings in Northern Trust by 0.3% in the second quarter. BlackRock Inc. now owns 13,318,550 shares of the asset manager’s stock valued at $1,294,697,000 after buying an additional 38,780 shares during the last quarter. Northern Trust Corp increased its holdings in Northern Trust by 1.5% in the second quarter. Northern Trust Corp now owns 12,414,424 shares of the asset manager’s stock valued at $1,206,806,000 after buying an additional 184,112 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Northern Trust by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 8,262,483 shares of the asset manager’s stock valued at $759,569,000 after buying an additional 41,048 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in Northern Trust by 0.6% in the third quarter. Burgundy Asset Management Ltd. now owns 2,386,800 shares of the asset manager’s stock valued at $219,419,000 after buying an additional 13,249 shares during the last quarter. Institutional investors and hedge funds own 81.69% of the company’s stock.
In related news, COO Jana R. Schreuder sold 18,489 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $99.20, for a total value of $1,834,108.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Clair Joyce St sold 7,665 shares of the business’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $95.00, for a total value of $728,175.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 323,382 shares of company stock worth $31,182,013. Insiders own 1.27% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Friday, December 1st were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Thursday, November 30th. Northern Trust’s dividend payout ratio (DPR) is 37.09%.
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About Northern Trust
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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