Oppenheimer Asset Management Inc. acquired a new stake in Northern Trust Corporation (NASDAQ:NTRS) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 26,469 shares of the asset manager’s stock, valued at approximately $2,292,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Trust Department MB Financial Bank N A raised its position in shares of Northern Trust Corporation by 6.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,172 shares of the asset manager’s stock valued at $101,000 after buying an additional 72 shares during the last quarter. Kings Point Capital Management acquired a new position in shares of Northern Trust Corporation during the first quarter valued at $101,000. Bessemer Group Inc. raised its position in shares of Northern Trust Corporation by 689.7% in the fourth quarter. Bessemer Group Inc. now owns 1,303 shares of the asset manager’s stock valued at $116,000 after buying an additional 1,138 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Northern Trust Corporation during the first quarter valued at $117,000. Finally, Jolley Asset Management LLC raised its position in shares of Northern Trust Corporation by 25.9% in the first quarter. Jolley Asset Management LLC now owns 1,700 shares of the asset manager’s stock valued at $147,000 after buying an additional 350 shares during the last quarter. Institutional investors own 82.80% of the company’s stock.
Northern Trust Corporation (NTRS) opened at 94.01 on Monday. The stock has a market capitalization of $21.58 billion, a price-to-earnings ratio of 21.44 and a beta of 0.97. Northern Trust Corporation has a 52-week low of $61.32 and a 52-week high of $95.63. The stock’s 50 day moving average price is $90.06 and its 200 day moving average price is $88.11.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings data on Tuesday, April 25th. The asset manager reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Northern Trust Corporation had a return on equity of 11.96% and a net margin of 20.20%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.99 EPS. On average, analysts forecast that Northern Trust Corporation will post $4.80 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 2nd will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.62%. Northern Trust Corporation’s payout ratio is 34.78%.
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Several research analysts recently weighed in on the company. Zacks Investment Research lowered Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Bank of America Corporation reiterated a “buy” rating and issued a $98.00 price objective (up from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Credit Suisse Group reiterated a “hold” rating and issued a $90.00 price objective on shares of Northern Trust Corporation in a research report on Monday, May 15th. BidaskClub upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Deutsche Bank AG lowered their price objective on Northern Trust Corporation from $94.00 to $93.00 and set a “hold” rating for the company in a research report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $90.18.
In other news, Chairman Frederick H. Waddell sold 205,923 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $90.46, for a total transaction of $18,627,794.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen N. Potter sold 48,110 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $95.20, for a total value of $4,580,072.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 429,533 shares of company stock valued at $39,117,116. Insiders own 1.27% 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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