Callahan Advisors LLC Buys 5,573 Shares of Northern Trust Corporation $NTRS

Key Points

• Callahan Advisors LLC increased its stake in Northern Trust Corporation by 28.6%, acquiring an additional 5,573 shares, bringing its total holdings to 25,065 shares valued at approximately $3.18 million.
• The company recently declared a dividend increase to $0.80 per share, representing a 2.5% yield, up from the previous $0.75, with a payout ratio of 37.60%.
• Northern Trust reported earnings of $2.13 per share for the last quarter, beating estimates, but experienced a 26.4% year-over-year decline in revenue to $2 billion.

Callahan Advisors LLC boosted its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 28.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,065 shares of the asset manager's stock after acquiring an additional 5,573 shares during the period. Callahan Advisors LLC's holdings in Northern Trust were worth $3,178,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in NTRS. Bank of New York Mellon Corp raised its position in Northern Trust by 47.8% in the first quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock worth $178,637,000 after acquiring an additional 585,992 shares during the period. Invesco Ltd. increased its stake in shares of Northern Trust by 19.3% in the first quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager's stock worth $339,711,000 after purchasing an additional 558,287 shares in the last quarter. RNC Capital Management LLC purchased a new position in shares of Northern Trust in the first quarter worth about $41,905,000. Nuveen LLC purchased a new position in shares of Northern Trust in the first quarter worth about $41,834,000. Finally, Allianz Asset Management GmbH increased its stake in shares of Northern Trust by 529.4% in the first quarter. Allianz Asset Management GmbH now owns 461,383 shares of the asset manager's stock worth $45,515,000 after purchasing an additional 388,081 shares in the last quarter. Institutional investors own 83.19% of the company's stock.

Northern Trust Price Performance

Shares of NASDAQ:NTRS opened at $129.88 on Thursday. The company has a 50 day moving average of $129.60 and a 200 day moving average of $116.22. The stock has a market cap of $24.84 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.44 and a beta of 1.31. Northern Trust Corporation has a 12 month low of $81.62 and a 12 month high of $135.48. 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 issued its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, beating the consensus estimate of $2.08 by $0.05. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. Northern Trust's revenue for the quarter was down 26.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.34 earnings per share. As a group, sell-side analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were paid a $0.80 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $3.20 dividend on an annualized basis and a yield of 2.5%. This is a boost from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio is presently 37.60%.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz purchased 256 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $126.34 per share, with a total value of $32,343.04. Following the purchase, the director directly owned 2,525 shares in the company, valued at approximately $319,008.50. This represents a 11.28% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.77% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NTRS has been the subject of several recent research reports. Wall Street Zen upgraded shares of Northern Trust from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. TD Cowen initiated coverage on shares of Northern Trust in a research note on Thursday, September 25th. They issued a "buy" rating for the company. The Goldman Sachs Group set a $135.00 target price on shares of Northern Trust in a research note on Tuesday, September 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Northern Trust in a research note on Wednesday, October 8th. Finally, Truist Financial lifted their target price on shares of Northern Trust from $132.00 to $142.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $128.23.

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.

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