Northern Trust (NASDAQ:NTRS) Hits New 52-Week High on Analyst Upgrade

Northern Trust Co. (NASDAQ:NTRS) reached a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $108.00 to $110.00. Wells Fargo & Company currently has an equal weight rating on the stock. Northern Trust traded as high as $108.83 and last traded at $108.81, with a volume of 392996 shares trading hands. The stock had previously closed at $107.60.

A number of other analysts also recently commented on the stock. The Goldman Sachs Group downgraded shares of Northern Trust from a “neutral” rating to a “sell” rating and cut their price objective for the company from $84.00 to $82.00 in a 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, October 24th. Morgan Stanley upped their target price on Northern Trust from $97.00 to $103.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lifted their price target on Northern Trust from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, UBS Group upped their price objective on shares of Northern Trust from $86.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Northern Trust currently has an average rating of “Hold” and a consensus target price of $100.67.

Insider Buying and Selling

In related news, Director Charles A. Tribbett sold 1,855 shares of the company’s stock in a transaction 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 sale, the director now owns 1,000 shares in the company, valued at $88,120. This represents a 64.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark C. Gossett sold 6,000 shares of the company’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 directly owns 28,707 shares of the company’s stock, valued at $2,552,052.30. The trade was a 17.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,906 shares of company stock worth $8,176,652 in the last ninety days. 0.64% of the stock is owned by corporate insiders.

Institutional Trading of Northern Trust

Institutional investors have recently modified their holdings of the business. Allworth Financial LP boosted its position in shares of Northern Trust by 9.1% during the 3rd quarter. Allworth Financial LP now owns 1,170 shares of the asset manager’s stock worth $105,000 after purchasing an additional 98 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Northern Trust by 14.5% during the third quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the asset manager’s stock worth $83,000 after buying an additional 117 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of Northern Trust by 0.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 43,713 shares of the asset manager’s stock valued at $3,608,000 after acquiring an additional 120 shares during the period. Mesirow Financial Investment Management Inc. boosted its stake in shares of Northern Trust by 0.4% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 35,673 shares of the asset manager’s stock worth $3,212,000 after acquiring an additional 127 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Northern Trust by 1.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,584 shares of the asset manager’s stock worth $889,000 after acquiring an additional 131 shares during the period. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Stock Up 1.1 %

The firm has a 50 day moving average of $95.68 and a two-hundred day moving average of $88.94. The stock has a market capitalization of $21.56 billion, a PE ratio of 13.38, a P/E/G ratio of 1.21 and a beta of 1.06. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58.

Northern Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 6th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.00 annualized dividend and a dividend yield of 2.76%. Northern Trust’s dividend payout ratio is presently 37.31%.

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.