Northern Trust (NASDAQ:NTRS) Now Covered by Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage on Northern Trust (NASDAQ:NTRS) with a "buy" rating, indicating positive sentiment towards the asset manager's stock.
• Barclays and Truist Financial have also recently increased their target prices for Northern Trust, reflecting an overall consensus rating of "Hold" from multiple analysts.
• In the latest quarterly earnings, Northern Trust reported $2.13 EPS, exceeding expectations, although revenue was down 26.4% compared to the previous year.

TD Cowen began coverage on shares of Northern Trust (NASDAQ:NTRS - Get Free Report) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating on the asset manager's stock.

Several other analysts also recently weighed in on NTRS. Barclays lifted their target price on shares of Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Truist Financial lifted their target price on shares of Northern Trust from $128.00 to $132.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company lifted their target price on shares of Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Morgan Stanley lifted their target price on shares of Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Finally, Wall Street Zen downgraded shares of Northern Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $119.58.

Northern Trust Stock Down 0.8%

NTRS stock opened at $129.51 on Thursday. The firm has a market cap of $24.77 billion, a PE ratio of 15.22, a PEG ratio of 1.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72. The firm's 50 day moving average price is $128.66 and its 200-day moving average price is $112.92. Northern Trust has a one year low of $81.62 and a one year high of $133.70.

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

Insider Activity at Northern Trust

In other news, Director Robert Edward Jr. Moritz bought 256 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the purchase, the director owned 2,525 shares in the company, valued at approximately $319,008.50. This trade represents a 11.28% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.77% of the company's stock.

Hedge Funds Weigh In On Northern Trust

A number of institutional investors and hedge funds have recently modified their holdings of NTRS. Norges Bank acquired a new position in shares of Northern Trust during the second quarter worth $276,087,000. Primecap Management Co. CA lifted its position in Northern Trust by 19.5% in the second quarter. Primecap Management Co. CA now owns 7,793,757 shares of the asset manager's stock valued at $988,170,000 after acquiring an additional 1,270,748 shares during the last quarter. Marshall Wace LLP lifted its position in Northern Trust by 2,397.3% in the second quarter. Marshall Wace LLP now owns 657,026 shares of the asset manager's stock valued at $83,304,000 after acquiring an additional 630,717 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Northern Trust by 47.8% in the first quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock valued at $178,637,000 after acquiring an additional 585,992 shares during the last quarter. Finally, Rokos Capital Management LLP purchased a new stake in Northern Trust in the second quarter valued at $73,888,000. Institutional investors and hedge funds 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.

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