Convergence Investment Partners LLC trimmed its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 59.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,288 shares of the asset manager's stock after selling 15,138 shares during the quarter. Convergence Investment Partners LLC's holdings in Northern Trust were worth $1,015,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC raised its holdings in shares of Northern Trust by 6,400.0% during the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after acquiring an additional 256 shares in the last quarter. Continuum Advisory LLC raised its holdings in shares of Northern Trust by 5,340.0% during the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after acquiring an additional 267 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Northern Trust during the 1st quarter worth approximately $35,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Northern Trust during the 4th quarter worth approximately $44,000. Finally, True Wealth Design LLC raised its holdings in shares of Northern Trust by 84.0% during the 4th quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock worth $44,000 after acquiring an additional 194 shares in the last quarter. 83.19% of the stock is currently owned by institutional investors.
Northern Trust Stock Up 1.0%
Shares of NTRS traded up $1.27 during midday trading on Friday, reaching $130.03. 1,158,006 shares of the stock were exchanged, compared to its average volume of 1,868,366. Northern Trust Corporation has a 52 week low of $80.81 and a 52 week high of $133.00. The company has a current ratio of 0.72, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The company's 50 day moving average is $117.19 and its two-hundred day moving average is $107.07. The company has a market capitalization of $25.30 billion, a P/E ratio of 15.28, a PEG ratio of 1.91 and a beta of 1.26.
Northern Trust (NASDAQ:NTRS - Get Free Report) last issued 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. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter last year, the company earned $4.34 earnings per share. The firm's revenue for the quarter was down 26.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current year.
Northern Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be given a dividend of $0.80 per share. The ex-dividend date is Friday, September 5th. This represents a $3.20 dividend on an annualized basis and a yield of 2.46%. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio (DPR) is presently 35.25%.
Insider Transactions at Northern Trust
In other Northern Trust news, EVP Clive Bellows sold 3,300 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $99.95, for a total value of $329,835.00. Following the completion of the sale, the executive vice president directly owned 28,736 shares in the company, valued at approximately $2,872,163.20. This trade represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Parker sold 6,467 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $100.62, for a total value of $650,709.54. Following the completion of the sale, the insider owned 79,391 shares of the company's stock, valued at approximately $7,988,322.42. This trade represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,772 shares of company stock valued at $981,069. 0.77% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday. Keefe, Bruyette & Woods restated an "underperform" rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a report on Thursday. Wall Street Zen upgraded Northern Trust from a "sell" rating to a "hold" rating in a report on Saturday. Wolfe Research upgraded Northern Trust from an "underperform" rating to a "peer perform" rating in a report on Thursday. Finally, Barclays increased their price target on Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $116.58.
Check Out Our Latest Research Report on NTRS
About Northern Trust
(
Free Report)
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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