Northern Trust Corporation $NTRS Shares Bought by Brandywine Global Investment Management LLC

Key Points

• Brandywine Global Investment Management increased its stake in Northern Trust Corporation by 10.8%, owning approximately $11.68 million worth of shares as of the most recent quarter.
• Analysts have varied outlooks on Northern Trust, with Goldman Sachs lowering its price target to $101 while Royal Bank of Canada set a higher target of $123, resulting in a consensus rating of "Hold."
• Northern Trust recently announced a quarterly dividend of $0.80, up from $0.75, with an ex-dividend date of September 5th, reflecting a 2.5% yield.

Brandywine Global Investment Management LLC lifted its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 10.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,433 shares of the asset manager's stock after acquiring an additional 11,588 shares during the period. Brandywine Global Investment Management LLC owned 0.06% of Northern Trust worth $11,683,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. grew its position in Northern Trust by 0.4% in the 1st quarter. Sei Investments Co. now owns 199,891 shares of the asset manager's stock valued at $20,484,000 after buying an additional 852 shares during the last quarter. Kovitz Investment Group Partners LLC grew its position in Northern Trust by 12.2% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 15,031 shares of the asset manager's stock valued at $1,483,000 after buying an additional 1,630 shares during the last quarter. Cookson Peirce & Co. Inc. purchased a new position in Northern Trust in the 1st quarter valued at $904,000. Tokio Marine Asset Management Co. Ltd. grew its position in Northern Trust by 4.7% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,285 shares of the asset manager's stock valued at $620,000 after buying an additional 283 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Northern Trust during the 1st quarter worth $43,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Robert Edward Jr. Moritz bought 256 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $126.34 per share, with a total value of $32,343.04. Following the purchase, the director owned 2,525 shares of the company's stock, valued at $319,008.50. This trade represents a 11.28% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.77% of the company's stock.

Northern Trust Price Performance

Shares of NASDAQ:NTRS traded up $0.52 during midday trading on Wednesday, hitting $127.88. 698,128 shares of the stock were exchanged, compared to its average volume of 1,590,679. The company has a 50 day moving average price of $124.13 and a 200-day moving average price of $109.43. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $133.00. The stock has a market cap of $24.45 billion, a P/E ratio of 15.03, a PEG ratio of 1.67 and a beta of 1.28. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating 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 firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the company posted $4.34 EPS. The firm's revenue for the quarter was down 26.4% on a year-over-year basis. On average, research analysts forecast that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Truist Financial boosted their target price on shares of Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Northern Trust from a "hold" rating to a "sell" rating in a research report on Saturday. Keefe, Bruyette & Woods restated an "underperform" rating and set a $118.00 target price (down from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Wells Fargo & Company boosted their target price on shares of Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Finally, Barclays boosted 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 report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $117.08.

About Northern Trust

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.