Cigna Investments Inc. New Invests $244,000 in Northern Trust Corporation $NTRS

Key Points

• Cigna Investments Inc. purchased a new stake in Northern Trust Corporation, investing approximately $244,000 for 1,930 shares in the 2nd quarter.
• Northern Trust's quarterly earnings exceeded expectations, reporting $2.13 earnings per share, compared to analysts' consensus of $2.08, but revenue decreased by 26.4% year-over-year.
• The company increased its quarterly dividend to $0.80 per share, representing an annualized yield of 2.4%, and will be paid to investors of record on October 1st.

Cigna Investments Inc. New bought a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,930 shares of the asset manager's stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Toronto Dominion Bank raised its holdings in Northern Trust by 56.3% in the 4th quarter. Toronto Dominion Bank now owns 106,503 shares of the asset manager's stock worth $10,917,000 after purchasing an additional 38,358 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Northern Trust by 17.6% during the fourth quarter. Mackenzie Financial Corp now owns 30,982 shares of the asset manager's stock valued at $3,176,000 after buying an additional 4,626 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Northern Trust in the fourth quarter worth about $26,784,000. Siemens Fonds Invest GmbH purchased a new stake in Northern Trust in the fourth quarter worth about $1,152,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Northern Trust by 25.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,800 shares of the asset manager's stock valued at $2,030,000 after acquiring an additional 3,993 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Evercore ISI raised their target price on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Wall Street Zen lowered Northern Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Morgan Stanley boosted their target price on shares of Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Truist Financial increased their price target on shares of Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $119.58.

Northern Trust Price Performance

NTRS opened at $131.38 on Friday. The firm has a market cap of $25.12 billion, a PE ratio of 15.44, a P/E/G ratio of 1.54 and a beta of 1.30. The stock has a 50-day moving average price of $128.75 and a 200-day moving average price of $113.12. Northern Trust Corporation has a 1 year low of $81.62 and a 1 year high of $133.70. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2 billion during the quarter, compared to analyst estimates 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 was down 26.4% compared to the same quarter last year. During the same period last year, the business earned $4.34 EPS. Sell-side analysts predict that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.4%. 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 (DPR) is presently 37.60%.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 256 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were acquired 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 in the company, valued at approximately $319,008.50. This trade represents a 11.28% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.

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