Callan Family Office LLC Invests $407,000 in Northern Trust Corporation $NTRS

Key Points

• Callan Family Office LLC has invested approximately $407,000 in Northern Trust Corporation by acquiring 3,209 shares during Q2 2023.
• Northern Trust recently announced a quarterly dividend increase from $0.75 to $0.80 per share, resulting in a dividend yield of 2.5%.
• Despite a year-over-year revenue decline of 26.4%, Northern Trust reported an EPS of $2.13 for the quarter, exceeding analysts' expectations of $2.08.

Callan Family Office LLC acquired a new position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,209 shares of the asset manager's stock, valued at approximately $407,000.

A number of other large investors also recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its stake in shares of Northern Trust by 4.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock worth $774,411,000 after buying an additional 363,472 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Northern Trust by 19.3% during the 1st quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager's stock worth $339,711,000 after buying an additional 558,287 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Northern Trust by 0.7% during the 1st quarter. American Century Companies Inc. now owns 3,013,123 shares of the asset manager's stock worth $297,245,000 after buying an additional 20,010 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Northern Trust by 47.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock worth $178,637,000 after buying an additional 585,992 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its stake in shares of Northern Trust by 6.6% during the 2nd quarter. Confluence Investment Management LLC now owns 1,184,610 shares of the asset manager's stock worth $150,197,000 after buying an additional 72,867 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Northern Trust Stock Up 0.7%

Northern Trust stock opened at $129.88 on Thursday. 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. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $135.48. The company's 50-day moving average price is $129.60 and its two-hundred day moving average price is $116.22.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 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 for the quarter, compared to analysts' expectations of $1.96 billion. During the same period last year, the firm earned $4.34 earnings per share. The business's revenue for the quarter was down 26.4% on a year-over-year basis. As a group, analysts expect that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NTRS. Barclays raised their target price on shares of Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $118.00 target price (down from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Northern Trust from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. Wells Fargo & Company raised their target price on shares of Northern Trust from $120.00 to $127.00 and gave the company an "equal weight" rating in a research note on Friday, October 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Northern Trust in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $128.23.

Insider Activity at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 256 shares of the stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $126.34 per share, with a total value of $32,343.04. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.77% of the company's stock.

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.

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