UBS AG Increases Northern Trust Corporation (NTRS) Price Target to $109.00
Northern Trust Corporation (NASDAQ:NTRS) had its price objective increased by research analysts at UBS AG from $100.00 to $109.00 in a note issued to investors on Thursday. The firm currently has a “buy” rating on the asset manager’s stock. UBS AG’s target price suggests a potential upside of 15.25% from the stock’s previous close.
Several other brokerages have also recently weighed in on NTRS. Buckingham Research reaffirmed a “neutral” rating and issued a $103.00 price objective (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. BidaskClub raised Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 5th. Zacks Investment Research raised Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Wednesday, July 12th. Morgan Stanley reaffirmed an “underweight” rating and issued a $86.00 price objective (up from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $97.00 price objective on shares of Northern Trust Corporation in a report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $97.07.
Shares of Northern Trust Corporation (NASDAQ:NTRS) traded up 0.72% on Thursday, hitting $95.26. The company had a trading volume of 1,148,534 shares. The company has a market capitalization of $21.77 billion, a P/E ratio of 21.63 and a beta of 0.93. The firm has a 50-day moving average price of $90.52 and a 200 day moving average price of $90.38. Northern Trust Corporation has a 12-month low of $69.92 and a 12-month high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, October 18th. The asset manager reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.08. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $1.11 EPS. Equities analysts expect that Northern Trust Corporation will post $4.72 EPS for the current year.
Northern Trust Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the asset manager to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In related news, EVP Aileen B. Blake sold 1,000 shares of the business’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $94.00, for a total transaction of $94,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Frederick H. Waddell sold 100,000 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $92.00, for a total value of $9,200,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 166,094 shares of company stock valued at $15,115,309 in the last three months. 1.27% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Salem Investment Counselors Inc. grew its position in Northern Trust Corporation by 8.3% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,083 shares of the asset manager’s stock worth $105,000 after acquiring an additional 83 shares during the last quarter. Huntington National Bank grew its position in Northern Trust Corporation by 54.0% during the 2nd quarter. Huntington National Bank now owns 1,089 shares of the asset manager’s stock worth $106,000 after acquiring an additional 382 shares during the last quarter. Dupont Capital Management Corp bought a new stake in Northern Trust Corporation during the 2nd quarter worth $107,000. Bessemer Group Inc. grew its position in Northern Trust Corporation by 16.9% during the 2nd quarter. Bessemer Group Inc. now owns 1,461 shares of the asset manager’s stock worth $143,000 after acquiring an additional 211 shares during the last quarter. Finally, MPS Loria Financial Planners LLC bought a new stake in Northern Trust Corporation during the 2nd quarter worth $134,000. Institutional investors and hedge funds own 81.89% of the company’s stock.
About Northern Trust Corporation
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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