Northern Trust Co. to Issue Quarterly Dividend of $0.75 (NASDAQ:NTRS)

Northern Trust Co. (NASDAQ:NTRS) declared a quarterly dividend on Tuesday, April 16th, Zacks reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.75 per share by the asset manager on Monday, July 1st. This represents a $3.00 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Friday, June 7th.

Northern Trust has raised its dividend payment by an average of 2.3% annually over the last three years. Northern Trust has a payout ratio of 43.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Northern Trust to earn $6.96 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 43.1%.

Northern Trust Stock Up 2.1 %

Shares of NASDAQ:NTRS opened at $81.23 on Thursday. The stock has a fifty day simple moving average of $83.17 and a two-hundred day simple moving average of $78.82. The stock has a market capitalization of $16.57 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.64 and a beta of 1.13. Northern Trust has a 12-month low of $62.44 and a 12-month high of $89.25. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61.

Northern Trust (NASDAQ:NTRS) last posted its earnings results on Thursday, January 18th. The asset manager reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.81). The business 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 for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 EPS. On average, research analysts anticipate that Northern Trust will post 6.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on NTRS. Bank of America lifted their price objective on Northern Trust from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley reissued an “underweight” rating and set a $86.00 price target (up previously from $82.00) on shares of Northern Trust in a report on Tuesday, January 30th. Wolfe Research lowered Northern Trust from a “peer perform” rating to an “underperform” rating and set a $85.00 price target for the company. in a report on Wednesday, January 3rd. Evercore ISI boosted their price target on Northern Trust from $86.00 to $87.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada boosted their price objective on Northern Trust from $82.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $84.58.

Insider Buying and Selling at Northern Trust

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Belpointe Asset Management LLC grew its stake in shares of Northern Trust by 84.5% during the first quarter. Belpointe Asset Management LLC now owns 393 shares of the asset manager’s stock valued at $35,000 after buying an additional 180 shares during the last quarter. Clear Street Markets LLC grew its stake in shares of Northern Trust by 93.4% during the first quarter. Clear Street Markets LLC now owns 408 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares during the last quarter. Covestor Ltd grew its stake in shares of Northern Trust by 64.8% during the first quarter. Covestor Ltd now owns 496 shares of the asset manager’s stock valued at $58,000 after buying an additional 195 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Northern Trust during the second quarter valued at approximately $51,000. Finally, Itau Unibanco Holding S.A. bought a new position in Northern Trust in the second quarter worth approximately $40,000. 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.