California State Teachers Retirement System Purchases 50,807,816 Shares of Northern Trust Corporation $NTRS

California State Teachers Retirement System increased its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 15,388.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,137,991 shares of the asset manager's stock after acquiring an additional 50,807,816 shares during the quarter. California State Teachers Retirement System owned approximately 27.95% of Northern Trust worth $8,889,828,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Northern Trust in the 2nd quarter worth approximately $2,523,781,000. State Street Corp increased its holdings in Northern Trust by 1.0% during the third quarter. State Street Corp now owns 9,493,634 shares of the asset manager's stock valued at $1,285,236,000 after buying an additional 97,584 shares during the period. Primecap Management Co. CA purchased a new position in Northern Trust during the second quarter valued at approximately $1,060,553,000. Invesco Ltd. raised its stake in Northern Trust by 8.7% in the fourth quarter. Invesco Ltd. now owns 3,747,840 shares of the asset manager's stock worth $511,917,000 after buying an additional 301,164 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Northern Trust by 5.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after buying an additional 161,826 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on NTRS. UBS Group set a $186.00 target price on Northern Trust in a research report on Friday, June 26th. Zacks Research lowered Northern Trust from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Morgan Stanley upped their price objective on Northern Trust from $170.00 to $173.00 and gave the stock an "underweight" rating in a research note on Thursday, July 23rd. Evercore set a $179.00 price objective on Northern Trust in a research report on Monday, July 6th. Finally, Citigroup lifted their target price on Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $180.68.

Northern Trust Price Performance

Shares of NTRS opened at $184.88 on Wednesday. The company has a 50 day moving average of $184.33 and a two-hundred day moving average of $166.52. 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 twelve month low of $121.12 and a twelve month high of $195.78. The company has a market cap of $33.82 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 1.05 and a beta of 1.24.

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

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.9%. This is an increase from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's dividend payout ratio is currently 30.21%.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Moritz, Jr. purchased 255 shares of the firm's stock in a transaction 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 completion of the purchase, the director owned 8,400 shares in the company, valued at $1,508,388. This represents a 3.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas A. South sold 1,800 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.90, for a total value of $332,820.00. Following the completion of the sale, the executive vice president directly owned 92,917 shares of the company's stock, valued at approximately $17,180,353.30. This represents a 1.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.66% of the company's stock.

About Northern Trust

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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