Northern Trust (NASDAQ:NTRS) Price Target Cut to $93.00

Northern Trust (NASDAQ:NTRS) had its price objective cut by Morgan Stanley from $97.00 to $93.00 in a report released on Tuesday morning, Benzinga reports. They currently have an underweight rating on the asset manager’s stock.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group upped their price target on shares of Northern Trust from $101.00 to $103.00 and gave the stock a buy rating in a report on Thursday, April 18th. Royal Bank of Canada upped their price objective on shares of Northern Trust from $86.00 to $90.00 and gave the stock an outperform rating in a research note on Thursday, July 18th. The Goldman Sachs Group lowered their price objective on shares of Northern Trust from $94.00 to $84.00 and set a neutral rating for the company in a research note on Tuesday, July 2nd. Evercore ISI upped their price objective on shares of Northern Trust from $86.00 to $87.00 and gave the stock an in-line rating in a research note on Thursday, April 4th. Finally, Bank of America upped their price objective on shares of Northern Trust from $93.00 to $101.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Northern Trust currently has a consensus rating of Hold and an average target price of $87.33.

Northern Trust Trading Down 2.3 %

NTRS stock opened at $84.89 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Northern Trust has a twelve month low of $62.44 and a twelve month high of $92.46. The stock has a market capitalization of $17.37 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.32 and a beta of 1.10. The firm’s fifty day simple moving average is $84.60 and its two-hundred day simple moving average is $83.59.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 17th. The asset manager reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.03. Northern Trust had a net margin of 10.53% and a return on equity of 12.24%. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the business posted $1.79 earnings per share. The business’s revenue was up 53.8% compared to the same quarter last year. As a group, analysts anticipate that Northern Trust will post 7.02 earnings per share for the current year.

Northern Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, September 6th. Northern Trust’s payout ratio is currently 66.23%.

Insider Activity at Northern Trust

In related news, insider Peter Cherecwich sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $87.09, for a total value of $1,045,080.00. Following the completion of the transaction, the insider now directly owns 31,471 shares of the company’s stock, valued at approximately $2,740,809.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northern Trust

Several hedge funds and other institutional investors have recently modified their holdings of NTRS. Wellington Management Group LLP increased its holdings in Northern Trust by 140.2% in the 4th quarter. Wellington Management Group LLP now owns 5,802,792 shares of the asset manager’s stock worth $489,640,000 after buying an additional 3,387,002 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Northern Trust by 31.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,533,855 shares of the asset manager’s stock worth $551,327,000 after buying an additional 1,553,783 shares during the period. Confluence Investment Management LLC acquired a new position in Northern Trust in the 1st quarter worth approximately $105,665,000. Norges Bank acquired a new position in Northern Trust in the 4th quarter worth approximately $90,532,000. Finally, Primecap Management Co. CA increased its holdings in Northern Trust by 6.1% in the 4th quarter. Primecap Management Co. CA now owns 6,891,902 shares of the asset manager’s stock worth $581,539,000 after buying an additional 394,855 shares during the period. 83.19% of the stock is owned by hedge funds and other institutional investors.

About Northern Trust

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.