Corebridge Financial Inc. Sells 1,907 Shares of Northern Trust Corporation $NTRS

Key Points

• Corebridge Financial Inc. reduced its holdings in Northern Trust Corporation by 4.1% during the first quarter, now owning 45,012 shares valued at approximately $4.44 million.
• Northern Trust reported quarterly earnings of $2.13 per share, surpassing analysts' expectations, but its revenue decreased by 26.4% compared to the previous year.
• The company announced a quarterly dividend increase to $0.80, with a yield of 2.4%, set to be paid on October 1st.

Corebridge Financial Inc. lessened its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 4.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,012 shares of the asset manager's stock after selling 1,907 shares during the quarter. Corebridge Financial Inc.'s holdings in Northern Trust were worth $4,440,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NTRS. Colonial Trust Co SC boosted its stake in Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after purchasing an additional 256 shares during the period. Continuum Advisory LLC grew its position in shares of Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after buying an additional 267 shares during the period. Zions Bancorporation National Association UT bought a new position in Northern Trust in the 1st quarter worth about $29,000. Wayfinding Financial LLC bought a new position in Northern Trust during the first quarter valued at approximately $35,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Northern Trust during the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 83.19% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on NTRS. Wall Street Zen lowered shares of Northern Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Truist Financial increased their price target on Northern Trust from $128.00 to $132.00 and gave the company a "hold" rating in a report on Thursday, August 14th. The Goldman Sachs Group boosted their price objective on Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI upped their target price on shares of Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Northern Trust has a consensus rating of "Reduce" and an average target price of $117.08.

Northern Trust Stock Down 0.3%

NTRS stock traded down $0.36 during mid-day trading on Thursday, hitting $129.35. The stock had a trading volume of 538,210 shares, compared to its average volume of 1,545,982. Northern Trust Corporation has a 1-year low of $81.62 and a 1-year high of $133.00. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. The company has a fifty day moving average of $127.92 and a 200 day moving average of $110.85. The stock has a market capitalization of $24.74 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.56 and a beta of 1.30.

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 (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.05. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same period in the prior year, the company posted $4.34 earnings per share. The business's revenue for the quarter was down 26.4% compared to the same quarter last year. On average, equities analysts expect that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be paid a $0.80 dividend. This is a boost from Northern Trust's previous quarterly dividend of $0.75. The ex-dividend date is Friday, September 5th. This represents a $3.20 annualized dividend and a yield of 2.5%. Northern Trust's dividend payout ratio is presently 37.60%.

Insider Activity at Northern Trust

In other news, Director Robert Edward Jr. Moritz acquired 256 shares of the stock in a transaction on Wednesday, August 13th. The stock was acquired at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the transaction, the director directly owned 2,525 shares in the company, valued at approximately $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 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.