Bank of America Raises Northern Trust (NASDAQ:NTRS) Price Target to $115.00

Northern Trust (NASDAQ:NTRS) had its price target boosted by Bank of America from $103.00 to $115.00 in a report issued on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

NTRS has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price target on Northern Trust from $84.00 to $94.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Evercore ISI lifted their target price on shares of Northern Trust from $86.00 to $103.00 and gave the stock an “in-line” rating in a research report on Thursday. The Goldman Sachs Group lowered shares of Northern Trust from a “neutral” rating to a “sell” rating and lowered their price target for the company from $84.00 to $82.00 in a research report on Thursday, September 26th. Barclays lifted their price objective on Northern Trust from $98.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Morgan Stanley increased their target price on Northern Trust from $97.00 to $103.00 and gave the company an “underweight” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $99.33.

Northern Trust Stock Performance

NASDAQ NTRS opened at $100.19 on Thursday. The business has a 50 day moving average price of $91.10 and a 200 day moving average price of $86.72. The company has a market capitalization of $20.50 billion, a P/E ratio of 22.12, a PEG ratio of 1.65 and a beta of 1.08. Northern Trust has a 1-year low of $63.43 and a 1-year high of $104.25. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71.

Northern Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 6th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Friday, December 6th. Northern Trust’s dividend payout ratio is currently 66.23%.

Insider Activity at Northern Trust

In other Northern Trust news, EVP Mark C. Gossett sold 6,000 shares of Northern Trust stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $88.90, for a total value of $533,400.00. Following the completion of the sale, the executive vice president now owns 28,707 shares in the company, valued at $2,552,052.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Northern Trust news, EVP Mark C. Gossett sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $88.90, for a total transaction of $533,400.00. Following the transaction, the executive vice president now owns 28,707 shares of the company’s stock, valued at $2,552,052.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Teresa Parker sold 5,883 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $84.06, for a total transaction of $494,524.98. Following the sale, the executive vice president now directly owns 83,765 shares of the company’s stock, valued at $7,041,285.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,738 shares of company stock worth $1,191,388. 0.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northern Trust

Hedge funds and other institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA increased its position in Northern Trust by 13.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,413,620 shares of the asset manager’s stock worth $622,596,000 after purchasing an additional 850,556 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of Northern Trust by 4,660.5% in the second quarter. Panagora Asset Management Inc. now owns 399,932 shares of the asset manager’s stock worth $33,586,000 after acquiring an additional 391,531 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of Northern Trust by 3.9% in the 2nd quarter. Primecap Management Co. CA now owns 7,046,757 shares of the asset manager’s stock valued at $591,787,000 after acquiring an additional 261,285 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Northern Trust by 12.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,003,675 shares of the asset manager’s stock valued at $168,253,000 after acquiring an additional 219,387 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Northern Trust by 55.1% during the 2nd quarter. AQR Capital Management LLC now owns 597,146 shares of the asset manager’s stock worth $49,575,000 after purchasing an additional 212,089 shares during the period. 83.19% of the stock is owned by institutional investors and hedge funds.

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.