Northern Trust Corporation $NTRS Shares Sold by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC has decreased its stake in Northern Trust Corporation by 7.5%, selling 5,545 shares during the 1st quarter and now holding 68,614 shares valued at approximately $6.82 million.
• Wall Street analysts have varied opinions on Northern Trust's stock, with two analysts rating it as a Buy, eight as Hold, and three as Sell, leading to a consensus target price of $117.08.
• Northern Trust recently announced an increase in its quarterly dividend from $0.75 to $0.80, with a 2.4% dividend yield, set to be paid on October 1st.

First Manhattan CO. LLC. cut its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 7.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,614 shares of the asset manager's stock after selling 5,545 shares during the quarter. First Manhattan CO. LLC.'s holdings in Northern Trust were worth $6,820,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its holdings in Northern Trust by 4.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock valued at $774,411,000 after purchasing an additional 363,472 shares during the period. Invesco Ltd. boosted its holdings in Northern Trust by 19.3% in the first quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager's stock valued at $339,711,000 after purchasing an additional 558,287 shares during the period. American Century Companies Inc. boosted its holdings in Northern Trust by 0.7% in the first quarter. American Century Companies Inc. now owns 3,013,123 shares of the asset manager's stock valued at $297,245,000 after purchasing an additional 20,010 shares during the period. Bank of New York Mellon Corp boosted its holdings in Northern Trust by 47.8% in the first quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock valued at $178,637,000 after purchasing an additional 585,992 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Northern Trust by 9.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,727,365 shares of the asset manager's stock valued at $177,055,000 after purchasing an additional 150,274 shares during the period. 83.19% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Northern Trust

In other news, Director Robert Edward Jr. Moritz bought 256 shares of Northern Trust stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost of $126.34 per share, with a total value of $32,343.04. Following the acquisition, the director owned 2,525 shares of the company's stock, valued at approximately $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.77% of the company's stock.

Northern Trust Stock Performance

Shares of Northern Trust stock traded down $2.22 on Friday, hitting $127.27. The stock had a trading volume of 1,221,418 shares, compared to its average volume of 912,691. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week 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 stock has a market cap of $24.34 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.51 and a beta of 1.30. The company's 50 day moving average price is $128.11 and its 200 day moving average price is $111.04.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating 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 business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the previous year, the business earned $4.34 EPS. The business's quarterly revenue was down 26.4% on a year-over-year basis. On average, research analysts anticipate that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on NTRS shares. Wolfe Research upgraded Northern Trust from an "underperform" rating to a "peer perform" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $118.00 target price (down from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Barclays lifted their target price on Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. The Goldman Sachs Group lifted their price target on Northern Trust from $89.00 to $101.00 and gave the stock a "sell" rating in a report on Wednesday, July 2nd. Finally, Truist Financial lifted their price target on Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $119.58.

Northern Trust 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.