Northern Trust Corporation (NASDAQ:NTRS) Position Lowered by Bank of Nova Scotia

Bank of Nova Scotia lowered its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 83.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,542 shares of the asset manager's stock after selling 101,033 shares during the period. Bank of Nova Scotia's holdings in Northern Trust were worth $2,026,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Ellevest Inc. raised its position in shares of Northern Trust by 3.4% during the 4th quarter. Ellevest Inc. now owns 3,410 shares of the asset manager's stock worth $350,000 after purchasing an additional 113 shares during the last quarter. Amalgamated Bank increased its position in Northern Trust by 0.5% during the first quarter. Amalgamated Bank now owns 38,065 shares of the asset manager's stock worth $3,755,000 after buying an additional 172 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Northern Trust by 1.7% in the first quarter. Fifth Third Bancorp now owns 10,876 shares of the asset manager's stock worth $1,073,000 after acquiring an additional 179 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Northern Trust by 11.4% in the first quarter. Parallel Advisors LLC now owns 1,773 shares of the asset manager's stock valued at $175,000 after acquiring an additional 182 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Northern Trust by 84.0% during the fourth quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock valued at $44,000 after acquiring an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Northern Trust from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $118.00 price objective (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Royal Bank Of Canada set a $123.00 target price on shares of Northern Trust and gave the stock an "outperform" rating in a research report on Monday, June 30th. Barclays lifted their target price on shares of Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Finally, Truist Financial raised their price objective on Northern Trust from $116.00 to $126.00 and gave the stock a "hold" rating in a report on Thursday, July 3rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $116.58.

Northern Trust Trading Up 0.7%

Shares of NASDAQ:NTRS traded up $0.92 during trading on Friday, reaching $125.65. 1,152,348 shares of the stock were exchanged, compared to its average volume of 1,622,445. The firm's 50-day moving average price is $121.04 and its 200 day moving average price is $108.57. The firm has a market cap of $24.03 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.67 and a beta of 1.28. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $133.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72.

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

Northern Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio (DPR) is 35.25%.

Northern Trust Company 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.