Northern Trust rises after unveiling $2.5 billion buyback program

Asset and wealth manager Northern Trust's NTRS.O shares rise 1.8% to $132.08

NTRS late Monday unveiled stock repurchase program of up to $2.5 billion, or about 10% of its market cap

Purchases may be made through open market transactions, block trades and privately negotiated transactions

NTRS CEO said last week he has not entertained sale discussions and does not intend to

"Buyback has management putting their money where their mouth is and demonstrating a willingness to use some of the company's excess capital," Truist analyst David Smith says

2 of 16 brokerages rate stock "buy" or higher, 11 "hold" and 3 "sell"; median PT $121 - data compiled by LSEG

As of last close, NTRS stock up 26.6% YTD