Asset manager Northern Trust Corporation (
) 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
The Bottom Line
Shares of Northern Trust (
) 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 (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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, as well as a detailed explanation of
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