Northern Trust (NASDAQ:NTRS) Coverage Initiated at BMO Capital Markets

Key Points

• BMO Capital Markets has initiated coverage on Northern Trust (NASDAQ:NTRS) with a "market perform" rating and set a price target of $142.00, indicating a potential upside of 6.57% from its previous close.
• Several analysts have recently upgraded their ratings on Northern Trust, with an average consensus rating of "Hold" and a target price of $128.23.
• Northern Trust reported earnings of $2.13 per share, exceeding expectations, but experienced a 26.4% decline in revenue year-over-year, totaling $2 billion for the quarter.

Equities researchers at BMO Capital Markets started coverage on shares of Northern Trust (NASDAQ:NTRS - Get Free Report) in a research note issued to investors on Friday,Benzinga reports. The firm set a "market perform" rating and a $142.00 price target on the asset manager's stock. BMO Capital Markets' price target would indicate a potential upside of 6.57% from the stock's previous close.

Several other equities research analysts also recently issued reports on the stock. Wolfe Research raised shares of Northern Trust from an "underperform" rating to a "peer perform" rating in a research report on Thursday, July 24th. Barclays increased their target price on Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Morgan Stanley boosted their price target on Northern Trust from $110.00 to $131.00 and gave the company an "underweight" rating in a report on Monday. Wells Fargo & Company set a $127.00 price objective on Northern Trust in a report on Friday. Finally, Truist Financial lifted their target price on Northern Trust from $132.00 to $142.00 and gave the company a "hold" rating in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $128.23.

Northern Trust Price Performance

Shares of NTRS stock opened at $133.24 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust has a 12-month low of $81.62 and a 12-month high of $135.48. The firm has a fifty day moving average of $129.41 and a 200-day moving average of $114.35. The firm has a market capitalization of $25.48 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.05. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same period in the previous year, the company posted $4.34 earnings per share. The company's revenue for the quarter was down 26.4% on a year-over-year basis. On average, equities research analysts forecast that Northern Trust will post 8.27 earnings per share for the current year.

Insider Buying and Selling

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, with a total value of $32,343.04. Following the completion of the transaction, the director directly owned 2,525 shares in the company, valued at $319,008.50. This represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.77% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC bought a new position in shares of Northern Trust during the 2nd quarter worth approximately $25,000. AlphaCore Capital LLC boosted its stake in shares of Northern Trust by 87.4% during the 2nd quarter. AlphaCore Capital LLC now owns 208 shares of the asset manager's stock worth $27,000 after acquiring an additional 97 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Northern Trust by 5,225.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 213 shares of the asset manager's stock worth $27,000 after acquiring an additional 209 shares during the period. Clearstead Trust LLC bought a new position in shares of Northern Trust during the 2nd quarter worth approximately $29,000. Finally, Continuum Advisory LLC boosted its stake in shares of Northern Trust by 5,340.0% during the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after acquiring an additional 267 shares during the period. 83.19% of the stock is currently owned by 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.

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