Peter Cherecwich, Chief Operating Officer of Northern Trust Corp (NASDAQ:NTRS), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Cherecwich sold 16,153 shares of Northern Trust common stock, generating approximately $1.7 million. The shares were sold at a weighted average price ranging from $104.64 to $105.58, with the transaction completed on November 7, 2024. Following the sale, Cherecwich holds 4,397 shares indirectly through a trust.
This transaction is a part of Cherecwich's ongoing management of his equity in Northern Trust, where he holds additional shares both directly and indirectly through other trusts.
In other recent news, Northern Trust Corporation (NASDAQ:NTRS) has been in the spotlight, with several financial firms adjusting their outlook on the company following its strong third-quarter earnings results. The company reported a net income of $465 million and earnings per share of $2.22, driven by a 9% increase in Trust fees in Wealth Management and a record $444 billion in assets under management, marking a 20% year-over-year increase. RBC Capital Markets, Evercore ISI, and BofA Securities have all raised their price targets for Northern Trust, with RBC and Evercore maintaining an Outperform and In-Line rating respectively, and BofA maintaining a Buy rating.
Despite facing persistent expense issues, Northern Trust's management is actively working to reduce expense growth and achieve positive fee operating leverage. These recent developments have led to a return of $453 million to shareholders through dividends and stock repurchases. BofA Securities and Evercore ISI have revised their earnings per share estimates for Northern Trust's fourth quarter 2024 and full-year 2025 to $1.92 and $7.58 respectively, reflecting the company's strong performance. These are the latest developments for Northern Trust Corporation.
InvestingPro Insights
Peter Cherecwich's recent sale of Northern Trust Corp (NASDAQ:NTRS) shares comes at a time when the company's stock is performing strongly. According to InvestingPro data, Northern Trust has seen a remarkable 57.35% price total return over the past year, and is currently trading near its 52-week high, with the price at 96.98% of its highest point.
The company's financial health appears robust, with a P/E ratio of 13.15, suggesting it may be undervalued compared to its peers. This is further supported by an InvestingPro Tip indicating that Northern Trust is trading at a low P/E ratio relative to its near-term earnings growth.
Another noteworthy InvestingPro Tip reveals that Northern Trust has maintained dividend payments for 54 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with the company's current dividend yield of 2.85%, which may be attractive to income-focused investors.
For those interested in a deeper analysis, InvestingPro offers 9 additional tips for Northern Trust, providing a comprehensive view of the company's financial position and market performance.
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