Bank of America Corp DE Boosts Stock Position in Northern Trust Corporation $NTRS

Key Points

• Bank of America increased its Northern Trust position by 5.6% in the first quarter, bringing its holdings to 622,852 shares valued at approximately $86.9 million. Institutional investors collectively own 83.19% of Northern Trust.
• Analysts remain mixed on the stock, with a consensus “Hold” rating and an average price target of $180.68. Targets from major firms range from $173 to $200.
• Northern Trust raised its quarterly dividend from $0.80 to $0.88 per share, equivalent to an annualized dividend of $3.52 and a 1.9% yield.

Bank of America Corp DE increased its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 5.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 622,852 shares of the asset manager's stock after purchasing an additional 33,029 shares during the quarter. Bank of America Corp DE owned approximately 0.34% of Northern Trust worth $86,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Reflection Asset Management bought a new stake in shares of Northern Trust in the 4th quarter worth approximately $25,000. Triumph Capital Management bought a new position in shares of Northern Trust during the third quarter valued at approximately $25,000. Elyxium Wealth LLC bought a new position in shares of Northern Trust during the fourth quarter valued at approximately $34,000. International Assets Investment Management LLC purchased a new stake in Northern Trust in the fourth quarter worth $35,000. Finally, Transamerica Financial Advisors LLC lifted its stake in Northern Trust by 54.1% in the fourth quarter. Transamerica Financial Advisors LLC now owns 265 shares of the asset manager's stock worth $36,000 after acquiring an additional 93 shares during the period. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NTRS shares. Morgan Stanley boosted their price objective on shares of Northern Trust from $170.00 to $173.00 and gave the company an "underweight" rating in a research report on Thursday, July 23rd. Bank of America raised their target price on shares of Northern Trust from $190.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Truist Financial lifted their target price on shares of Northern Trust from $176.00 to $186.00 and gave the company a "hold" rating in a research note on Friday, June 26th. Evercore set a $179.00 price target on shares of Northern Trust in a research report on Monday, July 6th. Finally, Wells Fargo & Company raised their price objective on shares of Northern Trust from $189.00 to $194.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Northern Trust presently has a consensus rating of "Hold" and a consensus target price of $180.68.

Northern Trust Price Performance

NTRS opened at $185.50 on Friday. The stock has a fifty day simple moving average of $177.88 and a two-hundred day simple moving average of $160.49. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43. The company has a market cap of $33.94 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 1.04 and a beta of 1.25. Northern Trust Corporation has a 12-month low of $121.12 and a 12-month high of $191.60.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be given a $0.88 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's payout ratio is currently 27.47%.

Insider Activity

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 255 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was bought at an average cost of $179.57 per share, for a total transaction of $45,790.35. Following the purchase, the director directly owned 8,400 shares in the company, valued at $1,508,388. The trade was a 3.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is currently owned by insiders.

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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