Canada Pension Plan Investment Board Sells 62,700 Shares of Northern Trust Corporation $NTRS

Key Points

• The Canada Pension Plan Investment Board has reduced its stake in Northern Trust Corporation by 22.0%, selling 62,700 shares and now holding approximately 222,500 shares valued at around $21.95 million.
• Northern Trust reported earnings of $2.13 per share for the latest quarter, beating estimates, but experienced a 26.4% decline in revenue compared to the previous year.
• The company's board has increased the quarterly dividend to $0.80 per share, representing a yield of 2.4%, up from the previous $0.75.

Canada Pension Plan Investment Board lowered its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 22.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 222,500 shares of the asset manager's stock after selling 62,700 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Northern Trust worth $21,950,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Colonial Trust Co SC raised its stake in Northern Trust by 6,400.0% during the fourth quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after buying an additional 256 shares during the last quarter. Continuum Advisory LLC raised its stake in Northern Trust by 5,340.0% during the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after buying an additional 267 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in Northern Trust during the first quarter worth $29,000. Wayfinding Financial LLC bought a new position in Northern Trust during the first quarter worth $35,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Northern Trust during the first quarter worth $43,000. Institutional investors own 83.19% of the company's stock.

Northern Trust Stock Performance

NTRS traded down $0.07 during midday trading on Wednesday, reaching $129.70. The company had a trading volume of 832,420 shares, compared to its average volume of 956,274. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $24.80 billion, a PE ratio of 15.24, a P/E/G ratio of 1.56 and a beta of 1.30. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $133.00. The business has a 50-day moving average price of $127.92 and a two-hundred day moving average price of $110.85.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.05. The firm had revenue of $2 billion for 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%. The company's quarterly revenue was down 26.4% on a year-over-year basis. During the same period in the previous year, the company earned $4.34 earnings per share. On average, sell-side analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio is currently 35.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Northern Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Truist Financial lifted their price target on shares of Northern Trust from $128.00 to $132.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. The Goldman Sachs Group lifted their price target on shares of Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their price target on shares of Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley lifted their price target on shares of Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $117.08.

Insider Activity at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the purchase, the director owned 2,525 shares of the company's stock, valued at $319,008.50. This represents a 11.28% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.77% of the company's stock.

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.