Allstate Corp Has $1.85 Million Stake in Northern Trust Corporation $NTRS

Key Points

• Allstate Corp nearly doubled its position in Northern Trust during the fourth quarter, increasing its stake by 97.5% to 13,571 shares valued at about $1.85 million.
• Northern Trust reported strong quarterly results, with EPS of $2.71 beating estimates and revenue of $2.21 billion also topping forecasts. Revenue rose 13.8% year over year.
• The company recently declared a quarterly dividend of $0.80 per share, or $3.20 annualized, yielding about 1.9%. Analysts currently rate the stock a consensus Hold, with a target price of $164.08.

Allstate Corp lifted its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 97.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,571 shares of the asset manager's stock after buying an additional 6,701 shares during the quarter. Allstate Corp's holdings in Northern Trust were worth $1,854,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. State Street Corp grew its position in Northern Trust by 1.0% in the 3rd quarter. State Street Corp now owns 9,493,634 shares of the asset manager's stock valued at $1,285,236,000 after purchasing an additional 97,584 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Northern Trust by 6.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,378,196 shares of the asset manager's stock worth $320,092,000 after purchasing an additional 133,751 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Northern Trust by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,947,456 shares of the asset manager's stock worth $262,128,000 after purchasing an additional 40,048 shares during the period. First Trust Advisors LP raised its stake in shares of Northern Trust by 4.8% during the 3rd quarter. First Trust Advisors LP now owns 1,924,707 shares of the asset manager's stock worth $259,066,000 after purchasing an additional 88,699 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of Northern Trust by 3.5% during the 3rd quarter. Legal & General Group Plc now owns 1,414,595 shares of the asset manager's stock worth $190,404,000 after purchasing an additional 48,417 shares during the period. Institutional investors and hedge funds own 83.19% of the company's stock.

Northern Trust Stock Up 0.2%

Shares of NTRS opened at $168.35 on Friday. The firm has a market cap of $31.15 billion, a P/E ratio of 17.63, a P/E/G ratio of 1.20 and a beta of 1.27. The stock has a 50 day simple moving average of $155.69 and a two-hundred day simple moving average of $145.76. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62. Northern Trust Corporation has a 1 year low of $104.99 and a 1 year high of $173.18.

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

Northern Trust Announces Dividend

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

Analyst Upgrades and Downgrades

NTRS has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their target price on Northern Trust from $150.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 22nd. Zacks Research upgraded Northern Trust from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. Weiss Ratings upgraded Northern Trust from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Barclays boosted their price objective on Northern Trust from $160.00 to $176.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. Finally, The Goldman Sachs Group boosted their price objective on Northern Trust from $151.00 to $169.00 and gave the company a "neutral" rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Northern Trust presently has an average rating of "Hold" and a consensus target price of $164.08.

Insider Transactions at Northern Trust

In other Northern Trust news, insider Guy Gibson sold 3,009 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $142.39, for a total value of $428,451.51. Following the completion of the sale, the insider owned 29,332 shares of the company's stock, valued at $4,176,583.48. This represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clive Bellows sold 2,800 shares of the company's stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $165.02, for a total value of $462,056.00. Following the completion of the sale, the insider directly owned 28,217 shares of the company's stock, valued at approximately $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 29,064 shares of company stock worth $4,682,064 in the last three months. Corporate insiders own 0.66% of the company's stock.

Northern Trust Company 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.

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