Connor Clark & Lunn Investment Management Ltd. Makes New $15.51 Million Investment in Northern Trust Corporation $NTRS

Key Points

• Connor Clark & Lunn initiated a $15.51 million position in Northern Trust during the second quarter by purchasing 89,232 shares. Institutional investors collectively own 83.19% of the company.
• Northern Trust reported strong quarterly results, with earnings per share of $4.23 beating estimates by $1.52 and revenue rising 35.1% year over year to $2.71 billion.
• The company increased its quarterly dividend to $0.88 per share, or $3.52 annually, representing a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $180.68.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 89,232 shares of the asset manager's stock, valued at approximately $15,512,000.

Several other institutional investors also recently made changes to their positions in NTRS. BlackRock Inc. purchased a new position in shares of Northern Trust in the 2nd quarter valued at about $2,523,781,000. State Street Corp lifted its stake in shares of Northern Trust by 1.0% in the third quarter. State Street Corp now owns 9,493,634 shares of the asset manager's stock valued at $1,285,236,000 after purchasing an additional 97,584 shares during the period. Invesco Ltd. boosted its holdings in Northern Trust by 8.7% during the fourth quarter. Invesco Ltd. now owns 3,747,840 shares of the asset manager's stock worth $511,917,000 after buying an additional 301,164 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Northern Trust by 5.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after buying an additional 161,826 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Northern Trust by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,455,996 shares of the asset manager's stock worth $342,744,000 after buying an additional 36,322 shares during the period. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NTRS shares. Barclays lifted their price target on shares of Northern Trust from $176.00 to $189.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada cut Northern Trust from an "outperform" rating to a "sector perform" rating and set a $178.00 price target on the stock. in a report on Wednesday, July 22nd. Citigroup raised their price objective on Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. lifted their price objective on Northern Trust from $179.50 to $185.50 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Northern Trust in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $180.68.

Insider Activity at Northern Trust

In related news, Director Robert Edward Jr. Moritz bought 255 shares of Northern Trust stock in a transaction that occurred on Wednesday, July 29th. The shares were purchased at an average price of $179.57 per share, with a total value of $45,790.35. Following the purchase, the director owned 8,400 shares in the company, valued at $1,508,388. This represents a 3.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas A. South sold 1,800 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $184.90, for a total value of $332,820.00. Following the sale, the executive vice president owned 92,917 shares in the company, valued at approximately $17,180,353.30. This trade represents a 1.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.66% of the company's stock.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $186.82 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $34.18 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 1.05 and a beta of 1.25. The firm has a 50-day moving average price of $182.03 and a two-hundred day moving average price of $163.87. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $195.78.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $1.52. The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.69 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.13 earnings per share. As a group, research analysts expect that Northern Trust Corporation will post 11.59 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a dividend of $0.88 per share. The ex-dividend date is Friday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. This is an increase from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's payout ratio is presently 27.47%.

About Northern Trust

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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