BlackRock Inc. Acquires Shares of 14,517,839 Northern Trust Corporation $NTRS

BlackRock Inc. acquired a new stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,517,839 shares of the asset manager's stock, valued at approximately $2,523,781,000. BlackRock Inc. owned approximately 7.93% of Northern Trust at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC increased its holdings in Northern Trust by 13.3% in the 1st quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager's stock worth $1,984,000 after acquiring an additional 2,363 shares in the last quarter. Woodline Partners LP lifted its holdings in Northern Trust by 39.1% during the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager's stock valued at $1,633,000 after purchasing an additional 4,653 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Northern Trust by 79.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager's stock valued at $171,000 after purchasing an additional 596 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Northern Trust in the second quarter valued at about $267,000. Finally, Daiwa Securities Group Inc. increased its stake in shares of Northern Trust by 4.6% during the second quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager's stock worth $3,714,000 after purchasing an additional 1,275 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.

Insiders Place Their Bets

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 255 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were acquired at an average cost of $179.57 per share, with a total value of $45,790.35. Following the purchase, the director directly owned 8,400 shares of the company's stock, valued at $1,508,388. This trade represents a 3.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.66% of the stock is owned by company insiders.

Northern Trust Price Performance

Northern Trust stock opened at $185.40 on Thursday. The company has a fifty day simple moving average of $181.09 and a 200-day simple moving average of $162.89. The firm has a market capitalization of $33.92 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.07 and a beta of 1.25. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43. Northern Trust Corporation has a 52-week low of $121.12 and a 52-week high of $195.78.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, topping the consensus estimate of $2.71 by $1.52. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.69 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company's revenue for the quarter was up 35.1% on a year-over-year basis. During the same period last year, the firm posted $2.13 earnings per share. On average, equities analysts anticipate that Northern Trust Corporation will post 11.59 EPS for the current fiscal year.

Northern Trust Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NTRS shares. UBS Group set a $186.00 price target on shares of Northern Trust in a research report on Friday, June 26th. Barclays lifted their price objective on Northern Trust from $176.00 to $189.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on Northern Trust from $157.00 to $175.00 and gave the stock an "underperform" rating in a research note on Thursday, July 9th. Bank of America increased their target price on Northern Trust from $190.00 to $200.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Finally, Truist Financial raised their target price on Northern Trust from $176.00 to $186.00 and gave the company a "hold" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $180.68.

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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