Seaport Res Ptn Comments on Northern Trust Co.’s Q3 2024 Earnings (NASDAQ:NTRS)

Northern Trust Co. (NASDAQ:NTRS) – Equities researchers at Seaport Res Ptn increased their Q3 2024 earnings per share estimates for shares of Northern Trust in a report released on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will earn $1.76 per share for the quarter, up from their prior estimate of $1.73. The consensus estimate for Northern Trust’s current full-year earnings is $7.01 per share. Seaport Res Ptn also issued estimates for Northern Trust’s Q4 2024 earnings at $1.85 EPS, FY2024 earnings at $7.08 EPS, Q1 2025 earnings at $1.64 EPS, Q4 2025 earnings at $1.97 EPS and FY2025 earnings at $7.35 EPS.

Northern Trust (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 17th. The asset manager reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.03. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $1.84 billion. Northern Trust had a return on equity of 12.24% and a net margin of 10.53%. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.79 earnings per share.

Several other research analysts have also commented on NTRS. The Goldman Sachs Group lowered Northern Trust from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $84.00 to $82.00 in a research report on Thursday, September 26th. Morgan Stanley lifted their price target on Northern Trust from $93.00 to $97.00 and gave the stock an “underweight” rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft lifted their price target on Northern Trust from $84.00 to $94.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Royal Bank of Canada lifted their price target on Northern Trust from $86.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods dropped their price target on Northern Trust from $92.00 to $85.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $89.75.

Northern Trust Trading Up 2.1 %

Shares of Northern Trust stock opened at $90.46 on Friday. The firm has a market cap of $18.51 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 1.53 and a beta of 1.08. Northern Trust has a twelve month low of $62.44 and a twelve month high of $92.82. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average price of $88.06 and a 200-day moving average price of $85.83.

Northern Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, September 6th. Northern Trust’s dividend payout ratio is presently 66.23%.

Insider Activity

In other news, EVP Teresa Parker sold 5,883 shares of Northern Trust stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 83,765 shares of the company’s stock, valued at approximately $7,041,285.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Charles A. Tribbett sold 1,855 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $88.12, for a total value of $163,462.60. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Teresa Parker sold 5,883 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $84.06, for a total transaction of $494,524.98. Following the completion of the transaction, the executive vice president now directly owns 83,765 shares of the company’s stock, valued at $7,041,285.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,738 shares of company stock valued at $1,191,388. Corporate insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Northern Trust

A number of large investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA raised its stake in Northern Trust by 13.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,413,620 shares of the asset manager’s stock worth $622,596,000 after buying an additional 850,556 shares in the last quarter. Primecap Management Co. CA raised its stake in Northern Trust by 3.9% in the second quarter. Primecap Management Co. CA now owns 7,046,757 shares of the asset manager’s stock worth $591,787,000 after buying an additional 261,285 shares in the last quarter. Wellington Management Group LLP raised its stake in Northern Trust by 140.2% in the fourth quarter. Wellington Management Group LLP now owns 5,802,792 shares of the asset manager’s stock worth $489,640,000 after buying an additional 3,387,002 shares in the last quarter. Ariel Investments LLC grew its holdings in Northern Trust by 3.6% in the second quarter. Ariel Investments LLC now owns 2,644,205 shares of the asset manager’s stock worth $222,060,000 after purchasing an additional 91,816 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Northern Trust by 12.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,675 shares of the asset manager’s stock worth $168,253,000 after purchasing an additional 219,387 shares during the last quarter. Institutional investors 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.