Steven L. Fradkin, Vice Chairman of Northern Trust Corp (NASDAQ:NTRS), recently sold a significant portion of the company's stock. The sale comes as Northern Trust, with a market capitalization of $21.73 billion, trades near its 52-week high of $111.87 and shows strong momentum with a 33.75% gain over the past six months. According to a recent filing, Fradkin disposed of 9,100 shares of common stock on November 29, generating a total of $1,010,145. The shares were sold at prices ranging from $111.00 to $111.01 per share, with InvestingPro analysis indicating the stock is currently undervalued.
Following these transactions, Fradkin retains ownership of 153,962 shares through a trust and 47,797 shares through a gift trust. Additionally, other holdings include 1,762 shares held by a spouse as trustee for a daughter, 1,762 shares for a son, and 12,138.25 shares in a 401(k) plan as of September 30, 2024. Another 46,078 stock units are held directly, payable on a 1-for-1 basis in Northern Trust's common stock. The company maintains a strong track record of shareholder returns, trading at a P/E ratio of 13.67 and having maintained dividend payments for 54 consecutive years. Discover more insights about Northern Trust with InvestingPro, which offers exclusive analysis and 8 additional ProTips for informed investment decisions.
In other recent news, Northern Trust Corporation (NASDAQ:NTRS) has demonstrated robust financial performance in the third quarter of 2024, with net income reaching $465 million and earnings per share of $2.22. This strong performance is largely attributed to a rise in Trust fees, particularly in Wealth Management which saw a 9% increase, and assets under management (AUM) reaching a record $444 billion, marking a 20% year-over-year increase. RBC (TSX:RY) Capital Markets, Evercore ISI, and BofA Securities have all revised their price targets for Northern Trust following these results.
Analysts from RBC Capital Markets have raised the price target for Northern Trust to $107, while Evercore ISI and BofA Securities have increased their targets to $103 and $115, respectively. These revisions reflect the company's strong earnings performance and the analysts' confidence in Northern Trust's ability to overcome ongoing expense challenges.
BofA Securities and Evercore ISI have also revised their EPS estimates for Northern Trust's fourth quarter 2024 and full-year 2025 to $1.92 and $7.58 respectively. These recent developments have led to a return of $453 million to shareholders through dividends and stock repurchases. Despite facing challenges, Northern Trust's management remains committed to achieving positive fee operating leverage and reducing the expense-to-trust fee ratio.
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