Northern trust exec sells $533k in stock

In a recent transaction, Mark C. Gossett, Executive Vice President of Northern Trust Corp (NASDAQ:NTRS), sold shares of the company's stock. The sale, which occurred on August 27, 2024, involved 6,000 shares at an average price of $88.90 per share, resulting in a total value of $533,400.

The price range for the shares sold by Gossett was between $88.75 and $89.12, as indicated by the weighted average sales price provided in the footnotes of the transaction report. This detail suggests that the sales were executed in multiple transactions at varying prices within the specified range. Potential investors and shareholders interested in the specific breakdown of shares sold at each price can request this information directly from the reporting person.

Following this transaction, Gossett's remaining direct holdings in Northern Trust Corp amount to 28,707 shares. Additionally, the report includes a footnote clarifying that this figure includes 16,938 stock units which are payable automatically on a 1-for-1 basis in shares of the corporation's common stock.

It is important to note that Gossett's indirect holdings through a 401(k) plan account for an additional 2,836.17 shares as of June 30, 2024. This provides a broader view of his total investment in the company.

The sale was formally documented and signed by Bradley R. Gabriel, Attorney-in-Fact for Mark C. Gossett, on the day of the transaction. Northern Trust Corp, headquartered in Chicago, Illinois, is a financial services company that operates under the standard industrial classification of state commercial banks.

In other recent news, Northern Trust Corporation (NASDAQ:NTRS) reported strong Q2 2024 earnings, notable for a pre-tax gain from Visa (NYSE:V) Class B common stock exchange, solid fee growth in Wealth and Asset Management, and increased assets under custody and administration. Net income reached $896 million, with earnings per share at $4.34. Despite increased expenses and a restructuring charge, the company maintains strong capital levels and returned $405 million to shareholders through dividends and stock repurchases.

Northern Trust's strategic investments in business resiliency and technology infrastructure were highlighted, funded by the monetization of Visa shares. Trust fees rose by 6%, with Wealth Management trust fee growth at 9% year-over-year. The company reported a pre-tax gain of nearly $900 million from the Visa Class B stock exchange.

In terms of recent developments, Northern Trust plans to continue investing in business resiliency and technology with Visa proceeds. The company is focused on scalable new business opportunities with a multi-connectivity sales approach. However, it faces competitive pressure in the wealth management business, leading to potential adjustments in pricing.

InvestingPro Insights

As Northern Trust Corp (NASDAQ:NTRS) executive Mark C. Gossett sells a portion of his holdings, investors and analysts are closely watching the company's financial metrics and market performance. According to data from InvestingPro, Northern Trust maintains a strong market presence with a market capitalization of $17.92 billion. The company's current P/E ratio stands at 12.25, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 11.25. These figures indicate that the stock is trading at a low P/E ratio relative to its near-term earnings growth, which can be an attractive point for value investors.

One of the notable InvestingPro Tips is that Northern Trust has maintained dividend payments for an impressive 54 consecutive years, showcasing its commitment to returning value to shareholders. This is reflected in the company’s dividend yield of 3.38% as of June 2024. Additionally, despite facing weak gross profit margins, analysts remain optimistic about Northern Trust’s profitability, predicting that the company will be profitable this year. This is substantiated by the company's healthy operating income margin of 27.35% for the last twelve months as of Q2 2024. Moreover, with a return on assets of 0.99% during the same period, Northern Trust demonstrates efficient use of its assets to generate earnings.

InvestingPro offers a wealth of additional tips and metrics for Northern Trust Corp, with a total of 6 more tips available on their platform. These insights can provide potential investors with a deeper understanding of the company's financial health and future prospects. For those interested in exploring further, additional tips can be found at InvestingPro.

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