Seaport Res Ptn Comments on Northern Trust Co.’s Q2 2024 Earnings (NASDAQ:NTRS)

Northern Trust Co. (NASDAQ:NTRS) – Equities researchers at Seaport Res Ptn reduced their Q2 2024 earnings per share (EPS) estimates for Northern Trust in a note issued to investors on Thursday, April 18th. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will earn $1.73 per share for the quarter, down from their previous estimate of $1.75. The consensus estimate for Northern Trust’s current full-year earnings is $6.82 per share. Seaport Res Ptn also issued estimates for Northern Trust’s Q3 2024 earnings at $1.57 EPS and Q4 2024 earnings at $1.65 EPS.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results on Thursday, January 18th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.81). The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.71 billion. Northern Trust had a return on equity of 12.57% and a net margin of 7.59%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.65 EPS.

Other analysts also recently issued reports about the company. Jefferies Financial Group increased their price objective on Northern Trust from $101.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group increased their price objective on Northern Trust from $72.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Morgan Stanley reissued an “underweight” rating and issued a $86.00 price objective (up from $82.00) on shares of Northern Trust in a research note on Tuesday, January 30th. Barclays increased their price objective on Northern Trust from $90.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Evercore ISI increased their price objective on Northern Trust from $86.00 to $87.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $84.92.

Northern Trust Stock Up 0.0 %

Shares of NASDAQ:NTRS opened at $81.45 on Monday. The firm has a market cap of $16.62 billion, a P/E ratio of 17.98, a PEG ratio of 1.17 and a beta of 1.13. Northern Trust has a 52-week low of $62.44 and a 52-week high of $89.25. The business’s 50 day simple moving average is $83.26 and its two-hundred day simple moving average is $79.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.71.

Northern Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Friday, June 7th. Northern Trust’s dividend payout ratio is currently 66.23%.

Insiders Place Their Bets

In other Northern Trust news, insider Steven L. Fradkin sold 30,392 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $80.11, for a total value of $2,434,703.12. Following the completion of the sale, the insider now directly owns 55,707 shares of the company’s stock, valued at $4,462,687.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.64% of the company’s stock.

Institutional Trading of Northern Trust

A number of large investors have recently bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its stake in Northern Trust by 4.5% during the first quarter. First Trust Direct Indexing L.P. now owns 4,257 shares of the asset manager’s stock valued at $379,000 after buying an additional 182 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Northern Trust by 0.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 490,487 shares of the asset manager’s stock valued at $43,614,000 after buying an additional 3,861 shares during the period. Tributary Capital Management LLC bought a new stake in Northern Trust during the first quarter valued at $53,000. Claro Advisors LLC boosted its stake in Northern Trust by 18.3% during the first quarter. Claro Advisors LLC now owns 9,439 shares of the asset manager’s stock valued at $839,000 after buying an additional 1,460 shares during the period. Finally, Diversified Trust Co boosted its stake in Northern Trust by 98.3% during the first quarter. Diversified Trust Co now owns 16,914 shares of the asset manager’s stock valued at $1,504,000 after buying an additional 8,383 shares during the period. 83.19% of the stock is 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, 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.