Northern Trust (NASDAQ:NTRS) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Northern Trust (NASDAQ:NTRS) issued its quarterly earnings data on Friday. The asset manager reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.05, FiscalAI reports. Northern Trust had a net margin of 12.15% and a return on equity of 14.87%. The business had revenue of $3.15 billion during the quarter. During the same quarter last year, the business earned $2.26 EPS. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year.

Northern Trust Trading Down 0.6%

Shares of Northern Trust stock traded down $0.84 on Friday, reaching $149.82. 421,073 shares of the company’s stock were exchanged, compared to its average volume of 1,006,310. The company has a market capitalization of $28.33 billion, a P/E ratio of 17.16, a price-to-earnings-growth ratio of 1.22 and a beta of 1.27. Northern Trust has a 52 week low of $81.62 and a 52 week high of $157.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.70 and a current ratio of 0.69. The firm’s 50-day moving average is $139.89 and its two-hundred day moving average is $132.49.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, March 6th. Northern Trust’s dividend payout ratio is presently 36.61%.

Insider Activity at Northern Trust

In related news, COO Peter Cherecwich sold 25,000 shares of the stock in a transaction on Monday, January 26th. The shares were sold at an average price of $149.62, for a total transaction of $3,740,500.00. Following the transaction, the chief operating officer directly owned 26,259 shares of the company’s stock, valued at $3,928,871.58. This represents a 48.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Susan Cohen Levy sold 27,591 shares of Northern Trust stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $128.13, for a total transaction of $3,535,234.83. Following the completion of the sale, the executive vice president directly owned 48,257 shares of the company’s stock, valued at approximately $6,183,169.41. This trade represents a 36.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 53,357 shares of company stock worth $7,370,987 over the last quarter. 0.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Northern Trust

A number of hedge funds have recently added to or reduced their stakes in NTRS. Norges Bank acquired a new position in shares of Northern Trust during the second quarter worth approximately $276,087,000. Primecap Management Co. CA grew its holdings in shares of Northern Trust by 19.5% during the second quarter. Primecap Management Co. CA now owns 7,793,757 shares of the asset manager’s stock valued at $988,170,000 after buying an additional 1,270,748 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Northern Trust by 2,397.3% during the second quarter. Marshall Wace LLP now owns 657,026 shares of the asset manager’s stock valued at $83,304,000 after buying an additional 630,717 shares during the last quarter. Rokos Capital Management LLP bought a new stake in shares of Northern Trust during the second quarter worth about $73,888,000. Finally, LSV Asset Management raised its holdings in shares of Northern Trust by 154.0% in the 2nd quarter. LSV Asset Management now owns 805,990 shares of the asset manager’s stock worth $102,191,000 after acquiring an additional 488,690 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NTRS shares. Morgan Stanley raised their price target on shares of Northern Trust from $131.00 to $140.00 and gave the company an “underweight” rating in a research note on Friday, January 23rd. Wells Fargo & Company raised their target price on Northern Trust from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Zacks Research upgraded Northern Trust from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. Truist Financial set a $148.00 price target on Northern Trust in a research note on Wednesday, January 7th. Finally, Barclays lifted their price objective on Northern Trust from $136.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $148.75.

About Northern Trust

Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.