Encore Global Management LP Invests $3.36 Million in Northern Trust Corporation $NTRS

Key Points

• Encore Global Management purchased 24,075 Northern Trust shares worth approximately $3.36 million, making NTRS its 13th-largest holding and representing about 2.3% of its portfolio.
• Institutional ownership remains high at 83.19%, with several hedge funds and investment firms increasing or initiating positions in Northern Trust.
• Northern Trust raised its quarterly dividend from $0.80 to $0.88 per share, implying an annualized dividend of $3.52 and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $180.25.

Encore Global Management LP purchased a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 24,075 shares of the asset manager's stock, valued at approximately $3,360,000. Northern Trust accounts for approximately 2.3% of Encore Global Management LP's holdings, making the stock its 13th biggest holding.

Several other hedge funds also recently added to or reduced their stakes in NTRS. CWM LLC raised its holdings in Northern Trust by 122.6% in the 4th quarter. CWM LLC now owns 48,284 shares of the asset manager's stock valued at $6,595,000 after buying an additional 26,594 shares during the period. Concurrent Investment Advisors LLC purchased a new position in Northern Trust during the fourth quarter worth about $1,959,000. Northwestern Mutual Wealth Management Co. boosted its stake in Northern Trust by 1,838.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 180,034 shares of the asset manager's stock worth $22,793,000 after buying an additional 170,745 shares during the period. Goldman Sachs Group Inc. increased its position in shares of 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 valued at $395,395,000 after acquiring an additional 161,826 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Northern Trust during the fourth quarter valued at about $67,126,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NTRS. UBS Group set a $186.00 price objective on shares of Northern Trust in a report on Friday, June 26th. BMO Capital Markets raised Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 target price on the stock in a research report on Monday, April 6th. Zacks Research raised Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Royal Bank Of Canada lowered Northern Trust from an "outperform" rating to a "sector perform" rating and set a $178.00 price target for the company. in a research report on Wednesday, July 22nd. Finally, Evercore set a $179.00 price objective on Northern Trust in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $180.25.

Northern Trust Stock Performance

Shares of Northern Trust stock opened at $180.86 on Wednesday. Northern Trust Corporation has a one year low of $121.12 and a one year high of $191.60. The company has a market cap of $33.47 billion, a PE ratio of 15.52, a P/E/G ratio of 1.14 and a beta of 1.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.62 and a current ratio of 0.65. The business has a 50-day simple moving average of $175.47 and a 200-day simple moving average of $158.51.

Northern Trust Increases Dividend

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

Insider Buying and Selling

In other news, Director Robert Edward Jr. Moritz acquired 225 shares of the company's stock in a transaction on Friday, May 1st. The shares were bought at an average cost of $166.41 per share, with a total value of $37,442.25. Following the transaction, the director owned 8,145 shares in the company, valued at approximately $1,355,409.45. This trade represents a 2.84% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by company insiders.

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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