Northern Trust (NTRS) Price Target Increased to $114.00 by Analysts at Credit Suisse Group
Northern Trust (NASDAQ:NTRS) had its target price upped by Credit Suisse Group from $112.00 to $114.00 in a report issued on Friday morning. Credit Suisse Group currently has a neutral rating on the asset manager’s stock.
Several other research analysts also recently commented on the stock. Royal Bank of Canada reaffirmed a buy rating on shares of Northern Trust in a research note on Wednesday, April 18th. Morgan Stanley lifted their target price on shares of Northern Trust from $110.00 to $117.00 and gave the stock a $108.44 rating in a research note on Thursday, July 19th. Zacks Investment Research raised shares of Northern Trust from a hold rating to a strong-buy rating and set a $122.00 target price on the stock in a research note on Friday, April 20th. BidaskClub downgraded shares of Northern Trust from a hold rating to a sell rating in a research note on Friday, June 1st. Finally, Keefe, Bruyette & Woods set a $118.00 target price on shares of Northern Trust and gave the stock a hold rating in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $114.63.
Shares of NASDAQ NTRS traded down $2.33 during mid-day trading on Friday, hitting $108.40. The stock had a trading volume of 1,376,585 shares, compared to its average volume of 1,019,922. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.34. Northern Trust has a 1 year low of $85.69 and a 1 year high of $115.61. The company has a market cap of $24.89 billion, a price-to-earnings ratio of 22.44, a PEG ratio of 1.31 and a beta of 0.97.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.55 dividend. The ex-dividend date is Thursday, September 13th. This represents a $2.20 annualized dividend and a yield of 2.03%. This is a boost from Northern Trust’s previous quarterly dividend of $0.42. Northern Trust’s payout ratio is 34.78%.
Northern Trust announced that its board has authorized a stock repurchase plan on Tuesday, July 17th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the asset manager to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, Vice Chairman William L. Morrison sold 13,886 shares of Northern Trust stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $110.87, for a total value of $1,539,540.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Biff Bowman sold 21,352 shares of Northern Trust stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $111.11, for a total transaction of $2,372,420.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,549 shares of company stock worth $8,801,626. 1.04% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in shares of Northern Trust by 0.6% during the 1st quarter. BlackRock Inc. now owns 13,646,227 shares of the asset manager’s stock valued at $1,407,333,000 after buying an additional 78,044 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Northern Trust by 10.7% during the 2nd quarter. Wells Fargo & Company MN now owns 2,388,480 shares of the asset manager’s stock valued at $245,751,000 after buying an additional 230,226 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Northern Trust by 2.0% during the 1st quarter. Champlain Investment Partners LLC now owns 1,339,505 shares of the asset manager’s stock valued at $138,143,000 after buying an additional 26,015 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Northern Trust by 6.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,327,171 shares of the asset manager’s stock valued at $136,871,000 after buying an additional 78,067 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Northern Trust by 4.6% during the 1st quarter. Victory Capital Management Inc. now owns 965,890 shares of the asset manager’s stock valued at $99,612,000 after buying an additional 42,531 shares in the last quarter. Institutional investors and hedge funds own 78.62% of the company’s stock.
About Northern Trust
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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