Raymond James Lowers Northern Trust (NTRS) Price Target to $115.00

Northern Trust (NASDAQ:NTRS) had its target price cut by Raymond James from $122.00 to $115.00 in a research report sent to investors on Thursday morning. They currently have a strong-buy rating on the asset manager’s stock.

NTRS has been the subject of several other reports. Credit Suisse Group upped their price objective on Northern Trust from $112.00 to $114.00 and gave the stock a neutral rating in a research report on Friday, August 10th. Deutsche Bank reduced their price objective on Northern Trust from $116.00 to $115.00 and set a hold rating for the company in a research report on Thursday, October 11th. Vining Sparks reaffirmed a buy rating and set a $130.00 price objective on shares of Northern Trust in a research report on Monday, July 23rd. BidaskClub cut Northern Trust from a sell rating to a strong sell rating in a research report on Saturday, September 29th. Finally, Citigroup upped their price objective on Northern Trust from $108.00 to $118.00 and gave the stock a neutral rating in a research report on Friday, July 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Northern Trust currently has an average rating of Buy and an average price target of $117.00.

Shares of NTRS stock traded up $0.12 on Thursday, hitting $93.23. 61,652 shares of the stock were exchanged, compared to its average volume of 1,669,942. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.65 and a quick ratio of 0.66. The stock has a market capitalization of $21.04 billion, a P/E ratio of 19.25, a P/E/G ratio of 1.17 and a beta of 0.94. Northern Trust has a fifty-two week low of $91.20 and a fifty-two week high of $115.61.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, October 17th. The asset manager reported $1.58 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.03). The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.52 billion. Northern Trust had a return on equity of 15.75% and a net margin of 23.28%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. Equities analysts expect that Northern Trust will post 6.67 EPS for the current year.

Northern Trust declared that its Board of Directors has approved a stock repurchase plan on Tuesday, July 17th that authorizes the company to buyback 25,000,000 shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be given a dividend of $0.55 per share. The ex-dividend date is Thursday, December 13th. This represents a $2.20 annualized dividend and a yield of 2.36%. Northern Trust’s dividend payout ratio (DPR) is presently 45.55%.

In related news, Vice Chairman William L. Morrison sold 13,886 shares of the stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $110.87, for a total transaction of $1,539,540.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jana R. Schreuder sold 9,699 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $110.00, for a total value of $1,066,890.00. The disclosure for this sale can be found here. Insiders have sold 67,864 shares of company stock valued at $7,533,831 over the last three months. Insiders own 1.04% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Vulcan Value Partners LLC increased its stake in shares of Northern Trust by 56.6% during the second quarter. Vulcan Value Partners LLC now owns 2,522,199 shares of the asset manager’s stock worth $259,509,000 after purchasing an additional 911,176 shares during the period. Millennium Management LLC increased its stake in shares of Northern Trust by 2,535.7% during the first quarter. Millennium Management LLC now owns 580,091 shares of the asset manager’s stock worth $59,825,000 after purchasing an additional 558,082 shares during the period. Wells Fargo & Company MN increased its stake in shares of Northern Trust by 10.7% during the second quarter. Wells Fargo & Company MN now owns 2,388,480 shares of the asset manager’s stock worth $245,751,000 after purchasing an additional 230,226 shares during the period. Morgan Stanley increased its stake in shares of Northern Trust by 29.0% during the second quarter. Morgan Stanley now owns 911,274 shares of the asset manager’s stock worth $93,762,000 after purchasing an additional 205,050 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Northern Trust during the second quarter worth approximately $20,728,000. Hedge funds and other institutional investors own 77.99% of the company’s stock.

Northern Trust Company Profile

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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Analyst Recommendations for Northern Trust (NASDAQ:NTRS)

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