Wall Street brokerages forecast that Northern Trust Co. (NASDAQ:NTRS) will announce sales of $1.52 billion for the current quarter, Zacks reports. Three analysts have issued estimates for Northern Trust’s earnings, with the highest sales estimate coming in at $1.53 billion and the lowest estimate coming in at $1.51 billion. Northern Trust posted sales of $1.35 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 12.6%. The firm is expected to report its next earnings report on Wednesday, October 17th.
According to Zacks, analysts expect that Northern Trust will report full year sales of $6.04 billion for the current financial year, with estimates ranging from $6.04 billion to $6.05 billion. For the next fiscal year, analysts expect that the company will post sales of $6.41 billion per share, with estimates ranging from $6.36 billion to $6.48 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Northern Trust.
Northern Trust (NASDAQ:NTRS) last issued its quarterly earnings results on Wednesday, July 18th. The asset manager reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.05. Northern Trust had a return on equity of 15.02% and a net margin of 22.88%. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm posted $1.12 earnings per share. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year.
Several equities analysts have weighed in on the company. BidaskClub lowered Northern Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday. Zacks Investment Research lowered Northern Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, June 19th. Morgan Stanley increased their target price on Northern Trust from $110.00 to $117.00 and gave the company a “$108.44” rating in a research note on Thursday, July 19th. Citigroup increased their target price on Northern Trust from $108.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, July 20th. Finally, Keefe, Bruyette & Woods set a $118.00 target price on Northern Trust and gave the company a “hold” rating in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $115.06.
In other Northern Trust news, CFO Biff Bowman sold 21,352 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $111.11, for a total value of $2,372,420.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clair Joyce St sold 3,166 shares of the stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $110.00, for a total value of $348,260.00. The disclosure for this sale can be found here. Insiders sold 76,636 shares of company stock valued at $8,488,828 over the last 90 days. Corporate insiders own 1.04% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Signaturefd LLC acquired a new position in Northern Trust during the first quarter valued at approximately $102,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Northern Trust during the first quarter valued at approximately $103,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Northern Trust by 8,671.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock valued at $126,000 after purchasing an additional 1,214 shares during the last quarter. Delta Asset Management LLC TN acquired a new position in Northern Trust during the second quarter valued at approximately $145,000. Finally, Quantbot Technologies LP acquired a new position in Northern Trust during the first quarter valued at approximately $167,000. Institutional investors and hedge funds own 78.75% of the company’s stock.
NASDAQ:NTRS traded up $0.04 during mid-day trading on Thursday, hitting $107.70. The company had a trading volume of 1,264,890 shares, compared to its average volume of 1,110,992. Northern Trust has a fifty-two week low of $85.69 and a fifty-two week high of $115.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 1.26 and a beta of 0.97.
Northern Trust announced that its Board of Directors has initiated a stock repurchase program on Tuesday, July 17th that allows the company to repurchase 25,000,000 shares. This repurchase authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be issued a $0.55 dividend. This is an increase from Northern Trust’s previous quarterly dividend of $0.42. This represents a $2.20 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, September 13th. Northern Trust’s dividend payout ratio is 34.78%.
About Northern Trust
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Northern Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Trust and related companies with MarketBeat.com's FREE daily email newsletter.