Farmers & Merchants Investments Inc. maintained its position in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,113 shares of the asset manager’s stock at the end of the second quarter. Farmers & Merchants Investments Inc.’s holdings in Northern Trust Corporation were worth $400,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Oakbrook Investments LLC boosted its position in shares of Northern Trust Corporation by 6.9% in the second quarter. Oakbrook Investments LLC now owns 17,160 shares of the asset manager’s stock valued at $1,668,000 after buying an additional 1,110 shares during the period. Reilly Financial Advisors LLC boosted its stake in Northern Trust Corporation by 3.1% in the second quarter. Reilly Financial Advisors LLC now owns 114,110 shares of the asset manager’s stock worth $11,093,000 after buying an additional 3,478 shares during the last quarter. State Treasurer State of Michigan boosted its stake in Northern Trust Corporation by 0.4% in the second quarter. State Treasurer State of Michigan now owns 70,954 shares of the asset manager’s stock worth $6,897,000 after buying an additional 300 shares during the last quarter. BTIM Corp. boosted its stake in Northern Trust Corporation by 21.8% in the second quarter. BTIM Corp. now owns 557,407 shares of the asset manager’s stock worth $54,185,000 after buying an additional 99,633 shares during the last quarter. Finally, First National Bank of Omaha boosted its stake in Northern Trust Corporation by 2.8% in the second quarter. First National Bank of Omaha now owns 124,250 shares of the asset manager’s stock worth $12,079,000 after buying an additional 3,416 shares during the last quarter. 82.90% of the stock is owned by hedge funds and other institutional investors.
Shares of Northern Trust Corporation (NASDAQ NTRS) traded up 0.27% during trading on Tuesday, hitting $88.14. The stock had a trading volume of 266,325 shares. The firm’s 50 day moving average is $94.25 and its 200 day moving average is $89.18. Northern Trust Corporation has a 1-year low of $65.92 and a 1-year high of $99.30. The company has a market cap of $20.14 billion, a PE ratio of 20.03 and a beta of 0.94.
Northern Trust Corporation (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.23 by $0.05. Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business posted $1.09 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. Equities research analysts anticipate that Northern Trust Corporation will post $4.75 EPS for the current fiscal year.
Northern Trust Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio (DPR) is 34.55%.
A number of analysts have recently issued reports on the company. Zacks Investment Research cut Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Bank of America Corporation reaffirmed 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 reaffirmed 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 raised Northern Trust Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Morgan Stanley reissued an “underweight” rating and set a $86.00 price target (up from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $94.50.
In related news, EVP Susan Gillian Pembleton sold 9,793 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $88.29, for a total value of $864,623.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman William L. Morrison sold 25,000 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The disclosure for this sale can be found here. Insiders sold 458,002 shares of company stock worth $41,937,824 in the last quarter. 1.27% of the stock is currently owned by company insiders.
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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