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Northern Trust Still a “Hold” at Jefferies; Meeting with Mgmt Good, but Market Challenges Remain (NTRS)

By Dividend.com,  September 10, 2012, 08:59:06 AM EDT

Asset manager Northern Trust Corporation ( NTRS ) on Monday received some continued tepid commentary from analysts at Jefferies & Co.

The firm reiterated its "Hold" rating on NTRS as well as its $49 price target, suggesting very little upside to the stock's Friday closing price of $47.99.

A Jefferies analyst commented, "We met with NTRS and heard a positive message about the core business, with strong wins and pipelines in private banking and custody. High capital return potential also offers support. NTRS continues to struggle with environmental challenges, however, with low market activity/volatility and low rates weighing on FX, securities lending, and net interest income. This keeps us on the sidelines on NTRS and the trust banks for now."

Although Jefferies lowered its third quarter earnings estimate from 79 cents to 77 cents per share, it maintained its full-year estimate at $3.00 per share.

Northern Trust shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Northern Trust ( NTRS ) have a 2.50% dividend yield, based on Friday's closing stock price of $47.99. The stock has technical support in the $42-$44 price area. If the shares can firm up, we see overhead resistance around the $50-$52 price levels.

Northern Trust Corporation ( NTRS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: NTRS



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