In a recent move at Northern Trust Corp (NASDAQ:NTRS), President of Asset Servicing Peter Cherecwich sold a significant number of shares in the company. The transaction, which took place on May 15, 2024, involved Cherecwich selling a total of 12,000 shares of common stock at an average price of $87.09 per share. This sale resulted in a total value of approximately $1.05 million.
The price range for the shares sold by Cherecwich was between $86.84 and $87.29, reflecting the weighted average sales price. Following the transaction, Cherecwich's direct and indirect holdings in Northern Trust Corp have changed, with direct ownership now standing at 27,061 shares. In addition, Cherecwich holds 20,550 shares indirectly through a 2023 Grantor Retained Annuity Trust (GRAT) and 6 shares by a spouse's trust. The indirect ownership by trust before the sale was reported at 31,471 shares.
Investors keeping an eye on insider transactions may note that the stock units represented by footnote F2 will be payable automatically on a 1-for-1 basis in shares of the corporation's common stock. The exact number of shares sold at each separate price within the range can be provided upon request by the reporting person.
The sale was officially signed off by Bradley R. Gabriel, Attorney-in-Fact for Peter Cherecwich, on May 17, 2024. The transaction details were disclosed in accordance with the Securities and Exchange Commission's requirements.
InvestingPro Insights
Following the recent insider transaction at Northern Trust Corp (NASDAQ:NTRS), the market may be curious about the company's current financial health and future prospects. InvestingPro data indicates a market capitalization of $17.49 billion for Northern Trust, with a Price/Earnings (P/E) ratio of 18.81, which slightly adjusts to 18.2 on a last twelve months basis as of Q1 2024. This suggests a valuation that is in line with the company's earnings performance.
With regards to shareholder returns, Northern Trust has demonstrated a commitment to its investors by maintaining dividend payments for 54 consecutive years, a testament to its financial stability and consistent performance. The company's dividend yield stands at 3.5%, as of the latest data, with the last dividend having an ex-date of March 7, 2024. This commitment to returning value to shareholders is further supported by an InvestingPro Tip highlighting the company's profitability over the last twelve months, with analysts predicting profitability to continue this year.
Investors should note that while the company has experienced a slight revenue decline of 1.29% over the last twelve months as of Q1 2024, it has managed to maintain a robust operating income margin of 20.2%. This indicates efficient management and the ability to translate revenues into profits. However, an InvestingPro Tip points out that Northern Trust suffers from weak gross profit margins, which could be an area for potential improvement.
For those seeking a more comprehensive analysis, there are additional InvestingPro Tips available that could shed light on the company's financial nuances. For instance, 7 analysts have revised their earnings upwards for the upcoming period, signaling potential optimism about the company's future earnings potential. To explore these insights further, interested readers can visit https://www.investing.com/pro/NTRS and use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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