Concurrent Investment Advisors LLC Purchases New Position in Northern Trust Corporation $NTRS

Key Points

• Concurrent Investment Advisors LLC opened a new position in Northern Trust in Q4, purchasing 14,341 shares valued at about $1.96 million.
• Insider activity was mixed: Director Richard Petrino bought 1,000 shares at an average of $148.91, while CFO David W. Fox Jr. sold 3,255 shares; insiders have sold 12,705 shares in the past 90 days and now own about 0.66% of the stock.
• Northern Trust topped expectations for the quarter with EPS of $2.71 (vs. $2.37 est.) and revenue of $2.21B (up 13.8% YoY), and declared a quarterly dividend of $0.80 ($3.20 annualized, ~1.9% yield); analysts’ consensus rating is a "Hold" with a $163.55 target.

Concurrent Investment Advisors LLC purchased a new stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 14,341 shares of the asset manager's stock, valued at approximately $1,959,000.

A number of other hedge funds have also modified their holdings of the company. CWM LLC raised its holdings in Northern Trust by 122.6% during the 4th quarter. CWM LLC now owns 48,284 shares of the asset manager's stock worth $6,595,000 after buying an additional 26,594 shares during the period. Bank of New York Mellon Corp raised its holdings in Northern Trust by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,947,456 shares of the asset manager's stock worth $262,128,000 after buying an additional 40,048 shares during the period. iSAM Funds UK Ltd acquired a new stake in Northern Trust during the 3rd quarter worth approximately $2,253,000. Barclays PLC raised its holdings in Northern Trust by 62.4% during the 3rd quarter. Barclays PLC now owns 1,042,084 shares of the asset manager's stock worth $140,265,000 after buying an additional 400,247 shares during the period. Finally, Swiss Life Asset Management Ltd raised its holdings in Northern Trust by 119.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 83,175 shares of the asset manager's stock worth $11,195,000 after buying an additional 45,356 shares during the period. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Northern Trust

In other news, Director Richard Petrino bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 5th. The stock was acquired at an average cost of $148.91 per share, with a total value of $148,910.00. Following the completion of the purchase, the director owned 3,332 shares of the company's stock, valued at $496,168.12. This represents a 42.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO David W. Fox, Jr. sold 3,255 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $143.89, for a total transaction of $468,361.95. Following the completion of the transaction, the chief financial officer directly owned 14,552 shares of the company's stock, valued at $2,093,887.28. This represents a 18.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 12,705 shares of company stock worth $1,888,270. 0.66% of the stock is currently owned by corporate insiders.

Northern Trust Price Performance

Shares of NTRS opened at $166.90 on Wednesday. The stock has a market capitalization of $30.93 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.21 and a beta of 1.23. Northern Trust Corporation has a twelve month low of $91.74 and a twelve month high of $173.18. The company has a 50 day moving average of $146.47 and a 200-day moving average of $140.49. The company has a quick ratio of 0.69, a current ratio of 0.62 and a debt-to-equity ratio of 0.51.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.34. The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.13 billion. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $1.90 EPS. As a group, equities research analysts forecast that Northern Trust Corporation will post 10.58 EPS for the current fiscal year.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, June 5th. Northern Trust's dividend payout ratio (DPR) is currently 33.51%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Royal Bank Of Canada raised their target price on shares of Northern Trust from $159.00 to $178.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Truist Financial raised their target price on shares of Northern Trust from $155.00 to $176.00 and gave the stock a "hold" rating in a report on Wednesday, April 22nd. Barclays raised their target price on shares of Northern Trust from $160.00 to $176.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 22nd. BMO Capital Markets upgraded shares of Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 target price on the stock in a report on Monday, April 6th. Finally, Evercore raised their target price on shares of Northern Trust from $142.00 to $155.00 and gave the stock an "in-line" rating in a report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $163.55.

Northern Trust Profile

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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