Deutsche Bank Trims Northern Trust (NASDAQ:NTRS) Target Price to $87.00

Northern Trust (NASDAQ:NTRS) had its price target reduced by Deutsche Bank from $91.00 to $87.00 in a report published on Wednesday, BenzingaRatingsTable reports. They currently have a hold rating on the asset manager’s stock.

A number of other research firms have also issued reports on NTRS. Bank of America reissued a neutral rating and issued a $97.00 target price (down previously from $107.00) on shares of Northern Trust in a report on Thursday, June 6th. Morgan Stanley set a $89.00 target price on Northern Trust and gave the company a sell rating in a report on Friday, August 9th. Zacks Investment Research lowered Northern Trust from a buy rating to a hold rating in a report on Friday, May 17th. Wells Fargo & Co set a $110.00 target price on Northern Trust and gave the company a buy rating in a report on Friday, August 16th. Finally, Citigroup lowered Northern Trust from a neutral rating to a sell rating and dropped their target price for the company from $94.00 to $85.00 in a report on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Northern Trust presently has an average rating of Hold and a consensus target price of $104.00.

NTRS opened at $84.71 on Wednesday. The firm has a market cap of $18.75 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. Northern Trust has a 52 week low of $75.96 and a 52 week high of $109.72. The business’s 50 day moving average is $91.76 and its two-hundred day moving average is $91.88. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.40.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, July 24th. The asset manager reported $1.75 EPS for the quarter, topping the consensus estimate of $1.68 by $0.07. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Northern Trust had a return on equity of 15.74% and a net margin of 22.20%. The firm’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.68 earnings per share. Equities analysts expect that Northern Trust will post 6.6 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Thursday, September 12th. This is a positive change from Northern Trust’s previous quarterly dividend of $0.60. Northern Trust’s dividend payout ratio is currently 35.66%.

In related news, EVP Robert P. Browne sold 31,595 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $99.47, for a total transaction of $3,142,754.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Biff Bowman sold 46,204 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $92.81, for a total value of $4,288,193.24. The disclosure for this sale can be found here. Insiders have sold 111,567 shares of company stock worth $10,639,832 in the last ninety days. 1.15% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in NTRS. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Northern Trust by 65.3% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 10,482,148 shares of the asset manager’s stock worth $943,393,000 after acquiring an additional 4,139,159 shares during the period. American Century Companies Inc. grew its holdings in Northern Trust by 27.9% during the first quarter. American Century Companies Inc. now owns 5,452,010 shares of the asset manager’s stock worth $492,916,000 after acquiring an additional 1,190,787 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in Northern Trust by 274.9% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 1,392,235 shares of the asset manager’s stock worth $797,195,000 after purchasing an additional 1,020,909 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Northern Trust by 7,487.6% during the second quarter. Nuveen Asset Management LLC now owns 853,911 shares of the asset manager’s stock worth $76,852,000 after purchasing an additional 842,657 shares in the last quarter. Finally, Nuance Investments LLC boosted its position in Northern Trust by 83.2% during the second quarter. Nuance Investments LLC now owns 974,254 shares of the asset manager’s stock worth $87,683,000 after purchasing an additional 442,489 shares in the last quarter. 81.36% of the stock is currently owned by hedge funds and other institutional investors.

About Northern Trust

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Corporate & Institutional Services (C&IS) and Wealth Management.

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Analyst Recommendations for Northern Trust (NASDAQ:NTRS)

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