179,971 Shares in Northern Trust Corporation $NTRS Bought by Algebris UK Ltd.

Key Points

• Algebris UK Ltd. opened a new position in Northern Trust, buying 179,971 shares worth about $24.6 million in the fourth quarter. The stake represents roughly 1.2% of its portfolio.
• Northern Trust has seen significant institutional activity, with several funds adding shares and institutional ownership now at 83.19% of the company.
• The company reported strong quarterly results, with EPS of $2.71 and revenue of $2.21 billion, both beating expectations. Northern Trust also announced a quarterly dividend of $0.80 per share, or $3.20 annually.

Algebris UK Ltd. bought a new position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 179,971 shares of the asset manager's stock, valued at approximately $24,594,000. Northern Trust comprises approximately 1.2% of Algebris UK Ltd.'s investment portfolio, making the stock its 22nd largest holding. Algebris UK Ltd. owned approximately 0.10% of Northern Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NTRS. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Northern Trust during the fourth quarter worth $67,126,000. Jupiter Asset Management Ltd. acquired a new stake in Northern Trust during the third quarter valued at $64,863,000. AQR Capital Management LLC grew its position in Northern Trust by 67.1% during the third quarter. AQR Capital Management LLC now owns 1,019,531 shares of the asset manager's stock valued at $136,750,000 after buying an additional 409,434 shares during the period. Barclays PLC grew its position in Northern Trust by 62.4% during the third quarter. Barclays PLC now owns 1,042,084 shares of the asset manager's stock valued at $140,265,000 after buying an additional 400,247 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Northern Trust during the second quarter valued at $42,698,000. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on NTRS shares. BMO Capital Markets upgraded shares of Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 price target on the stock in a research report on Monday, April 6th. Evercore raised their price target on shares of Northern Trust from $142.00 to $155.00 and gave the company an "in-line" rating in a research report on Friday, January 23rd. Truist Financial raised their price target on shares of Northern Trust from $155.00 to $176.00 and gave the company a "hold" rating in a research report on Wednesday, April 22nd. TD Cowen raised their price target on shares of Northern Trust from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Finally, Zacks Research upgraded shares of Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $164.08.

Northern Trust Stock Up 0.6%

NTRS stock opened at $165.96 on Thursday. The stock has a market capitalization of $30.71 billion, a P/E ratio of 17.38, a P/E/G ratio of 1.18 and a beta of 1.27. The firm has a 50-day simple moving average of $152.04 and a 200-day simple moving average of $144.08. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.51. Northern Trust Corporation has a 52 week low of $104.09 and a 52 week high of $173.18.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its earnings results on Tuesday, April 21st. The asset manager reported $2.71 EPS for the quarter, topping analysts' consensus estimates of $2.37 by $0.34. The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.13 billion. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.90 earnings per share. Equities analysts forecast that Northern Trust Corporation will post 10.68 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.9%. Northern Trust's payout ratio is currently 33.51%.

Insider Activity at Northern Trust

In other news, CFO David W. Fox, Jr. sold 19,987 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total transaction of $3,321,039.92. Following the completion of the sale, the chief financial officer owned 18,588 shares of the company's stock, valued at $3,088,582.08. The trade was a 51.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Clive Bellows sold 2,800 shares of the business's stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $165.02, for a total transaction of $462,056.00. Following the sale, the insider directly owned 28,217 shares of the company's stock, valued at $4,656,369.34. This represents a 9.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,514 shares of company stock worth $4,890,937 over the last three months. Company insiders own 0.66% of the company's stock.

Northern Trust Profile

Northern Trust Corporation NASDAQ: NTRS is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company's core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust's product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.

Want to see what other hedge funds are holding NTRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Trust Corporation (NASDAQ:NTRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.