Convergence Investment Partners LLC Takes Position in Northern Trust Corporation $NTRS

Key Points

• Convergence Investment Partners LLC opened a new position in Northern Trust, buying 36,147 shares valued at about $5.05 million. The stake represents roughly 0.8% of its portfolio and is its 29th-largest holding.
• Other institutional investors also increased their Northern Trust holdings, and 83.19% of the stock is now owned by institutions and hedge funds. Recent insider activity was mixed, with director Robert Edward Jr. Moritz buying shares while CFO David W. Fox, Jr. sold a large block.
• Northern Trust reported better-than-expected quarterly results, earning $2.71 per share versus $2.37 expected, with revenue also topping estimates. Analysts currently have a Hold consensus rating and an average price target of $178.75.

Convergence Investment Partners LLC acquired a new position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 36,147 shares of the asset manager's stock, valued at approximately $5,045,000. Northern Trust makes up about 0.8% of Convergence Investment Partners LLC's investment portfolio, making the stock its 29th biggest position.

Other large investors also recently made changes to their positions in the company. Empowered Funds LLC grew its stake in Northern Trust by 13.3% in the first quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager's stock valued at $1,984,000 after acquiring an additional 2,363 shares during the period. Woodline Partners LP raised its position in shares of Northern Trust by 39.1% during the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager's stock worth $1,633,000 after purchasing an additional 4,653 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Northern Trust by 79.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager's stock worth $171,000 after purchasing an additional 596 shares during the period. WINTON GROUP Ltd bought a new position in shares of Northern Trust in the 2nd quarter worth $267,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Northern Trust by 4.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager's stock worth $3,714,000 after purchasing an additional 1,275 shares in the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 225 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were acquired at an average cost of $166.41 per share, for a total transaction of $37,442.25. Following the completion of the acquisition, the director owned 8,145 shares of the company's stock, valued at $1,355,409.45. The trade was a 2.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David W. Fox, Jr. sold 19,987 shares of the business's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $166.16, for a total transaction of $3,321,039.92. Following the completion of the transaction, the chief financial officer directly owned 18,588 shares in the company, valued at $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 22,800 shares of company stock worth $3,785,251. Insiders own 0.66% of the company's stock.

Northern Trust Price Performance

NTRS opened at $182.78 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market capitalization of $33.82 billion, a price-to-earnings ratio of 19.14, a P/E/G ratio of 1.18 and a beta of 1.25. The firm's fifty day moving average price is $173.43 and its two-hundred day moving average price is $156.80. Northern Trust Corporation has a 1 year low of $118.99 and a 1 year high of $191.60.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.34. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business posted $1.90 EPS. The business's revenue was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Northern Trust Corporation will post 11.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NTRS shares. BMO Capital Markets upgraded shares of Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 price objective on the stock in a report on Monday, April 6th. The Goldman Sachs Group boosted their target price on shares of Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 22nd. Citigroup upped their target price on shares of Northern Trust from $162.00 to $172.00 and gave the stock a "neutral" rating in a report on Tuesday, June 30th. Morgan Stanley raised their price target on shares of Northern Trust from $157.00 to $170.00 and gave the company an "underweight" rating in a research report on Monday, June 29th. Finally, Zacks Research upgraded Northern Trust from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Northern Trust presently has an average rating of "Hold" and a consensus price target of $178.75.

Northern Trust Company 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.

Want to see what other hedge funds are holding NTRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Trust Corporation (NASDAQ:NTRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.