Fifth Third Bancorp Has $6.52 Million Stock Holdings in Northern Trust Corporation $NTRS

Key Points

• Fifth Third Bancorp increased its stake in Northern Trust by 308.5% in the first quarter, ending with 46,689 shares valued at about $6.52 million.
• Northern Trust reported better-than-expected quarterly results, with EPS of $2.71 versus $2.37 expected and revenue of $2.21 billion, up 13.8% year over year.
• The company also paid a quarterly dividend of $0.80 per share, and analysts currently have a Hold consensus with an average price target of $178.75.

Fifth Third Bancorp boosted its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 308.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,689 shares of the asset manager's stock after acquiring an additional 35,259 shares during the quarter. Fifth Third Bancorp's holdings in Northern Trust were worth $6,516,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in Northern Trust by 122.6% in the fourth quarter. CWM LLC now owns 48,284 shares of the asset manager's stock valued at $6,595,000 after acquiring an additional 26,594 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in Northern Trust during the 4th quarter worth approximately $1,959,000. Swiss Life Asset Management Ltd lifted its position in shares of Northern Trust by 119.9% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 83,175 shares of the asset manager's stock worth $11,195,000 after purchasing an additional 45,356 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Northern Trust by 60.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,266 shares of the asset manager's stock worth $5,660,000 after purchasing an additional 14,846 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Northern Trust by 1,838.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 180,034 shares of the asset manager's stock valued at $22,793,000 after purchasing an additional 170,745 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Northern Trust

In other Northern Trust news, insider Clive Bellows sold 2,800 shares of the firm's stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $165.02, for a total value of $462,056.00. Following the completion of the sale, the insider owned 28,217 shares of the company's stock, valued at approximately $4,656,369.34. This trade represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Edward Jr. Moritz acquired 225 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were purchased at an average price of $166.41 per share, with a total value of $37,442.25. Following the acquisition, the director owned 8,145 shares of the company's stock, valued at approximately $1,355,409.45. This represents a 2.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 22,800 shares of company stock valued at $3,785,251 in the last three months. Corporate insiders own 0.66% of the company's stock.

Northern Trust Stock Down 1.4%

Shares of NASDAQ NTRS opened at $188.52 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.51. The firm has a market cap of $34.89 billion, a PE ratio of 19.74, a P/E/G ratio of 1.22 and a beta of 1.25. The company's fifty day simple moving average is $172.51 and its 200 day simple moving average is $156.17. Northern Trust Corporation has a 12-month low of $118.99 and a 12-month high of $191.60.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, beating 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 the consensus estimate of $2.13 billion. During the same period in the previous year, the firm posted $1.90 earnings per share. The business's revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Northern Trust Corporation will post 11.29 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a $0.80 dividend. The ex-dividend date was Friday, June 5th. This represents a $3.20 annualized dividend and a dividend yield of 1.7%. Northern Trust's dividend payout ratio (DPR) is currently 33.51%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NTRS shares. Barclays increased their price objective on shares of Northern Trust from $160.00 to $176.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 22nd. Citigroup upped their price target on shares of Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. Wells Fargo & Company increased their price target on Northern Trust from $175.00 to $189.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 24th. Morgan Stanley boosted their price objective on Northern Trust from $157.00 to $170.00 and gave the company an "underweight" rating in a research note on Monday, June 29th. Finally, Zacks Research upgraded Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $178.75.

Northern Trust 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.

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