Prudential Financial Inc. trimmed its stake in Northern Trust Co. (NASDAQ:NTRS) by 58.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 243,530 shares of the asset manager’s stock after selling 342,970 shares during the quarter. Prudential Financial Inc.’s holdings in Northern Trust were worth $24,872,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. increased its position in Northern Trust by 8,671.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock valued at $126,000 after buying an additional 1,214 shares in the last quarter. Sageworth Trust Co increased its position in Northern Trust by 296.3% during the 3rd quarter. Sageworth Trust Co now owns 1,407 shares of the asset manager’s stock valued at $144,000 after buying an additional 1,052 shares in the last quarter. Qube Research & Technologies Ltd increased its position in Northern Trust by 64.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,813 shares of the asset manager’s stock valued at $187,000 after buying an additional 709 shares in the last quarter. Ausdal Financial Partners Inc. acquired a new position in Northern Trust during the 2nd quarter valued at about $221,000. Finally, Hexavest Inc. increased its position in Northern Trust by 26.6% during the 3rd quarter. Hexavest Inc. now owns 2,319 shares of the asset manager’s stock valued at $237,000 after buying an additional 487 shares in the last quarter. 77.84% of the stock is owned by hedge funds and other institutional investors.
Northern Trust stock opened at $96.29 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.36. The stock has a market cap of $21.32 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.23 and a beta of 0.97. Northern Trust Co. has a fifty-two week low of $87.98 and a fifty-two week high of $115.61.
Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings results on Wednesday, October 17th. The asset manager reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.03). The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 EPS. On average, research analysts forecast that Northern Trust Co. will post 6.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $2.20 annualized dividend and a yield of 2.28%. Northern Trust’s payout ratio is presently 45.55%.
Several brokerages recently issued reports on NTRS. Wells Fargo & Co raised Northern Trust from a “market perform” rating to an “outperform” rating and set a $126.00 target price on the stock in a research report on Wednesday, November 7th. Deutsche Bank reduced their target price on Northern Trust from $119.00 to $118.00 and set a “hold” rating on the stock in a research report on Thursday, August 16th. BidaskClub lowered Northern Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Wolfe Research began coverage on Northern Trust in a research report on Tuesday, September 25th. They set a “market perform” rating on the stock. Finally, Sandler O’Neill raised Northern Trust from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Thursday, October 18th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Northern Trust presently has a consensus rating of “Buy” and an average price target of $117.94.
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Northern Trust 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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