Northern Trust (NASDAQ:NTRS) Given New $115.00 Price Target at Bank of America

Northern Trust (NASDAQ:NTRS) had its target price hoisted 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.

A number of other equities analysts have also recently weighed in on the stock. Morgan Stanley upped their price target on shares of Northern Trust from $97.00 to $103.00 and gave the stock an “underweight” rating in a research note on Thursday. Royal Bank of Canada boosted their price objective on shares of Northern Trust from $100.00 to $107.00 and gave the company an “outperform” rating in a research report on Thursday. Keefe, Bruyette & Woods lowered their price target on Northern Trust from $92.00 to $85.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Wells Fargo & Company increased their target price on Northern Trust from $92.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, The Goldman Sachs Group downgraded shares of Northern Trust from a “neutral” rating to a “sell” rating and cut their target price for the company from $84.00 to $82.00 in a research note on Thursday, September 26th. Three equities 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $99.33.

Northern Trust Stock Performance

Northern Trust stock traded down $0.45 during mid-day trading on Thursday, reaching $102.34. 51,234 shares of the company were exchanged, compared to its average volume of 1,305,197. The firm has a market cap of $20.64 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. Northern Trust has a twelve month low of $63.43 and a twelve month high of $104.25. The firm’s 50-day simple moving average is $90.51 and its two-hundred day simple moving average is $86.53.

Northern Trust Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Friday, December 6th. Northern Trust’s payout ratio is currently 41.04%.

Insiders Place Their Bets

In related news, EVP Mark C. Gossett sold 6,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $88.90, for a total transaction of $533,400.00. Following the completion of the sale, the executive vice president now owns 28,707 shares of the company’s stock, valued at $2,552,052.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Northern Trust news, Director Charles A. Tribbett sold 1,855 shares of Northern Trust stock in a transaction on Friday, September 13th. The stock was sold at an average price of $88.12, for a total transaction of $163,462.60. Following the sale, the director now owns 1,000 shares of the company’s stock, valued at $88,120. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark C. Gossett sold 6,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $88.90, for a total transaction of $533,400.00. Following the completion of the transaction, the executive vice president now owns 28,707 shares of the company’s stock, valued at $2,552,052.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,738 shares of company stock valued at $1,191,388 in the last quarter. Insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Northern Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTRS. abrdn plc raised its position in Northern Trust by 5.7% in the third quarter. abrdn plc now owns 504,483 shares of the asset manager’s stock worth $45,272,000 after acquiring an additional 27,246 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in Northern Trust by 21.0% during the third quarter. Pallas Capital Advisors LLC now owns 5,984 shares of the asset manager’s stock valued at $539,000 after buying an additional 1,037 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Northern Trust by 0.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 43,871 shares of the asset manager’s stock worth $3,941,000 after buying an additional 158 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Northern Trust by 8.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,807 shares of the asset manager’s stock valued at $1,423,000 after acquiring an additional 1,219 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Northern Trust by 28.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,687 shares of the asset manager’s stock valued at $1,593,000 after acquiring an additional 3,894 shares during the period. Institutional investors own 83.19% of the company’s stock.

Northern Trust Company Profile

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.