Northern Trust Corporation $NTRS Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. reduced its stake in Northern Trust Corporation by 9.6% in the first quarter, owning 49,507 shares valued at approximately $4.88 million.
• Northern Trust declared an increase in its quarterly dividend to $0.80, with a dividend yield of 2.5%, set to be paid on October 1st.
• Analysts have set price targets for Northern Trust, with estimates ranging from $106.00 to $136.00, reflecting varied opinions on the stock's performance.

Baird Financial Group Inc. lessened its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 9.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,507 shares of the asset manager's stock after selling 5,258 shares during the quarter. Baird Financial Group Inc.'s holdings in Northern Trust were worth $4,884,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Colonial Trust Co SC grew its holdings in Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock valued at $27,000 after buying an additional 256 shares during the period. Continuum Advisory LLC raised its position in Northern Trust by 5,340.0% in the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after purchasing an additional 267 shares during the period. Zions Bancorporation National Association UT purchased a new position in Northern Trust in the first quarter valued at about $29,000. Wayfinding Financial LLC acquired a new position in shares of Northern Trust during the first quarter worth about $35,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Northern Trust in the first quarter worth about $43,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Northern Trust

In other news, Director Robert Edward Jr. Moritz acquired 256 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the purchase, the director directly owned 2,525 shares of the company's stock, valued at $319,008.50. This represents a 11.28% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.77% of the stock is owned by insiders.

Northern Trust Stock Down 1.4%

Shares of NASDAQ:NTRS traded down $1.82 during midday trading on Wednesday, reaching $127.06. The company had a trading volume of 1,516,726 shares, compared to its average volume of 884,854. The stock has a market capitalization of $24.30 billion, a P/E ratio of 14.93, a PEG ratio of 1.53 and a beta of 1.30. The stock's fifty day moving average price is $128.04 and its 200-day moving average price is $111.37. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72. Northern Trust Corporation has a one year low of $81.62 and a one year high of $133.00.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.05. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The firm's revenue for the quarter was down 26.4% compared to the same quarter last year. During the same period last year, the business earned $4.34 EPS. Equities research analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be issued a $0.80 dividend. This is an increase from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Northern Trust's dividend payout ratio is presently 37.60%.

Analysts Set New Price Targets

NTRS has been the topic of several analyst reports. Wall Street Zen downgraded Northern Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Royal Bank Of Canada set a $123.00 price objective on shares of Northern Trust and gave the company an "outperform" rating in a research note on Monday, June 30th. Evercore ISI boosted their target price on shares of Northern Trust from $108.00 to $121.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group raised their price target on shares of Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $119.58.

Northern Trust Profile

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.