Corient Private Wealth LP Buys 188,992 Shares of Northern Trust Corporation $NTRS

Key Points

• Corient Private Wealth LP nearly doubled its Northern Trust stake in the second quarter, acquiring 188,992 additional shares to own 389,857 shares valued at approximately $67.8 million.
• Northern Trust reported strong quarterly results, with earnings of $4.23 per share and revenue of $2.71 billion; revenue increased 35.1% year over year. The company also raised its quarterly dividend to $0.88, implying a 1.9% yield.
• Analysts maintain a generally cautious view, with Northern Trust receiving an average “Hold” rating and an average price target of $180.68, below the stock’s reported $189.19 opening price.

Corient Private Wealth LP increased its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 94.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 389,857 shares of the asset manager's stock after acquiring an additional 188,992 shares during the quarter. Corient Private Wealth LP owned about 0.21% of Northern Trust worth $67,783,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Reflection Asset Management bought a new position in Northern Trust during the 4th quarter worth approximately $25,000. Triumph Capital Management bought a new stake in shares of Northern Trust in the 3rd quarter valued at $25,000. Continuum Advisory LLC bought a new stake in shares of Northern Trust in the 2nd quarter valued at $26,000. Basecamp Wealth Advisors LLC increased its position in shares of Northern Trust by 99.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager's stock worth $28,000 after buying an additional 101 shares during the period. Finally, NBH Bank acquired a new stake in shares of Northern Trust during the second quarter worth $30,000. 83.19% of the stock is currently owned by institutional investors.

Insider Transactions at Northern Trust

In other news, Director Robert Moritz, Jr. acquired 255 shares of Northern Trust stock in a transaction on Wednesday, July 29th. The stock was purchased at an average price of $179.57 per share, with a total value of $45,790.35. Following the completion of the purchase, the director owned 8,400 shares of the company's stock, valued at approximately $1,508,388. The trade was a 3.13% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas South sold 1,800 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $17,180,353.30. This represents a 1.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.66% of the company's stock.

Northern Trust Stock Up 1.1%

Shares of NASDAQ NTRS opened at $189.19 on Friday. The firm has a market cap of $34.61 billion, a PE ratio of 16.24, a P/E/G ratio of 1.06 and a beta of 1.24. Northern Trust Corporation has a 12-month low of $121.12 and a 12-month high of $195.78. The company's fifty day simple moving average is $184.98 and its 200 day simple moving average is $167.25. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43.

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

Northern Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be paid a $0.88 dividend. The ex-dividend date is Friday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. This is a boost from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's dividend payout ratio (DPR) is 30.21%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NTRS. Morgan Stanley boosted their target price on shares of Northern Trust from $170.00 to $173.00 and gave the company an "underweight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price target on Northern Trust from $157.00 to $175.00 and gave the stock an "underperform" rating in a report on Thursday, July 9th. Royal Bank Of Canada lowered Northern Trust from an "outperform" rating to a "sector perform" rating and set a $178.00 price objective for the company. in a research report on Wednesday, July 22nd. Citigroup boosted 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. Finally, Zacks Research lowered Northern Trust from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Northern Trust currently has an average rating of "Hold" and an average target price of $180.68.

Northern Trust Company Profile

Northern Trust Corporation is a financial services company headquartered in Chicago, Illinois, and the holding company for Northern Trust Company and related businesses. Founded in 1889, the company provides banking, investment management and fiduciary services to corporations, institutions, high-net-worth individuals, families and privately held businesses.

Northern Trust's institutional offerings include asset custody and servicing, fund administration, securities lending, foreign exchange, treasury services, capital markets support and related solutions.

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