Bank of America Cuts Northern Trust (NASDAQ:NTRS) Price Target to $121.00

Northern Trust (NASDAQ:NTRS) had its price objective decreased by Bank of America from $123.00 to $121.00 in a research note released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

Several other equities analysts have also recently weighed in on NTRS. Morgan Stanley cut their price objective on Northern Trust from $138.00 to $136.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group raised their target price on shares of Northern Trust from $92.00 to $102.00 and gave the stock a “sell” rating in a report on Friday, January 24th. Wells Fargo & Company reduced their price target on shares of Northern Trust from $119.00 to $118.00 and set an “equal weight” rating for the company in a report on Friday, March 28th. Citigroup dropped their price objective on shares of Northern Trust from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Truist Financial upped their target price on shares of Northern Trust from $110.00 to $116.00 and gave the stock a “hold” rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $112.31.

Northern Trust Trading Down 5.0 %

NTRS opened at $86.01 on Wednesday. The firm has a 50 day simple moving average of $105.63 and a 200 day simple moving average of $102.99. Northern Trust has a fifty-two week low of $79.32 and a fifty-two week high of $114.67. The company has a market cap of $16.83 billion, a price-to-earnings ratio of 8.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.68 and a quick ratio of 0.71.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data on Thursday, January 23rd. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.30. Northern Trust had a return on equity of 13.74% and a net margin of 12.77%. On average, sell-side analysts anticipate that Northern Trust will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, March 14th. Northern Trust’s dividend payout ratio is 30.67%.

Insider Transactions at Northern Trust

In other news, insider Jason J. Tyler sold 2,237 shares of Northern Trust stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $112.67, for a total value of $252,042.79. Following the transaction, the insider now owns 58,449 shares in the company, valued at approximately $6,585,448.83. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jane Karpinski sold 2,262 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $111.33, for a total value of $251,828.46. Following the sale, the executive vice president now owns 17,236 shares of the company’s stock, valued at approximately $1,918,883.88. This represents a 11.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,335 shares of company stock valued at $3,970,211. 0.77% of the stock is currently owned by company insiders.

Institutional Trading of Northern Trust

A number of hedge funds have recently added to or reduced their stakes in NTRS. Y.D. More Investments Ltd increased its stake in shares of Northern Trust by 118.4% in the fourth quarter. Y.D. More Investments Ltd now owns 249 shares of the asset manager’s stock valued at $26,000 after buying an additional 135 shares during the period. Colonial Trust Co SC increased its position in Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 256 shares during the period. Empirical Asset Management LLC bought a new position in shares of Northern Trust during the fourth quarter valued at $33,000. Brooklyn Investment Group lifted its holdings in shares of Northern Trust by 51.2% during the fourth quarter. Brooklyn Investment Group now owns 378 shares of the asset manager’s stock worth $39,000 after purchasing an additional 128 shares during the period. Finally, Assetmark Inc. lifted its holdings in shares of Northern Trust by 528.3% during the fourth quarter. Assetmark Inc. now owns 377 shares of the asset manager’s stock worth $39,000 after purchasing an additional 317 shares during the period. Institutional investors and hedge funds own 83.19% of the company’s stock.

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, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.