Signition LP reduced its stake in Northern Trust Co. (NASDAQ:NTRS) by 44.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,614 shares of the asset manager’s stock after selling 2,931 shares during the quarter. Signition LP’s holdings in Northern Trust were worth $369,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of NTRS. Vulcan Value Partners LLC lifted its holdings in Northern Trust by 56.6% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,522,199 shares of the asset manager’s stock worth $259,509,000 after purchasing an additional 911,176 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Northern Trust by 10.7% in the 2nd quarter. Wells Fargo & Company MN now owns 2,388,480 shares of the asset manager’s stock worth $245,751,000 after purchasing an additional 230,226 shares during the last quarter. Morgan Stanley lifted its holdings in Northern Trust by 29.0% in the 2nd quarter. Morgan Stanley now owns 911,274 shares of the asset manager’s stock worth $93,762,000 after purchasing an additional 205,050 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Northern Trust in the 2nd quarter worth approximately $20,728,000. Finally, Glenmede Trust Co. NA lifted its holdings in Northern Trust by 40.8% in the 2nd quarter. Glenmede Trust Co. NA now owns 555,391 shares of the asset manager’s stock worth $57,144,000 after purchasing an additional 160,906 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Several research firms recently weighed in on NTRS. Zacks Investment Research upgraded Northern Trust from a “hold” rating to a “buy” rating and set a $124.00 target price for the company in a report on Friday, July 20th. Citigroup boosted their target price on Northern Trust from $108.00 to $118.00 and gave the stock a “neutral” rating in a report on Friday, July 20th. BidaskClub upgraded Northern Trust from a “sell” rating to a “hold” rating in a report on Wednesday. Vining Sparks restated a “buy” rating and issued a $130.00 target price on shares of Northern Trust in a report on Monday, July 23rd. Finally, Keefe, Bruyette & Woods set a $118.00 target price on Northern Trust and gave the stock a “hold” rating in a report on Wednesday, July 18th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Northern Trust currently has a consensus rating of “Buy” and an average target price of $117.00.
Northern Trust (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, October 17th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.03). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.52 billion. Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. As a group, research analysts predict that Northern Trust Co. will post 6.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, December 13th. Northern Trust’s dividend payout ratio is presently 45.55%.
Northern Trust announced that its board has initiated a share repurchase plan on Tuesday, July 17th that permits the company to buyback 25,000,000 outstanding shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, CFO Biff Bowman sold 21,352 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $111.11, for a total transaction of $2,372,420.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter Cherecwich sold 19,761 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $111.35, for a total value of $2,200,387.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,812 shares of company stock worth $5,639,698. 1.04% of the stock is currently owned by company insiders.
Northern Trust Company Profile
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
Further Reading: Cost of Debt
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