Gamco Investors INC. ET AL Sells 7,748 Shares of Northern Trust Corporation $NTRS

Key Points

• Gamco Investors INC. ET AL reduced its stake in Northern Trust by 4.4% in Q3, selling 7,748 shares and leaving it with 168,992 shares valued at about $22.75 million.
• Insider activity was notable: a director bought 245 shares while another insider sold 3,009, and insiders sold a total of 34,905 shares worth roughly $5.17 million in the last quarter, leaving insider ownership at about 0.77%.
• Northern Trust beat quarterly EPS estimates ($2.42 vs. $2.37) with revenue of $3.15 billion (+8.4% YoY) and announced a $0.80 quarterly dividend (annualized $3.20, ~2.3% yield; ex-dividend March 6).

Gamco Investors INC. ET AL reduced its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 168,992 shares of the asset manager's stock after selling 7,748 shares during the period. Gamco Investors INC. ET AL owned 0.09% of Northern Trust worth $22,746,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its holdings in shares of Northern Trust by 5,225.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 213 shares of the asset manager's stock worth $27,000 after buying an additional 209 shares during the period. AlphaCore Capital LLC grew its stake in Northern Trust by 87.4% in the 2nd quarter. AlphaCore Capital LLC now owns 208 shares of the asset manager's stock valued at $27,000 after buying an additional 97 shares during the last quarter. Clearstead Trust LLC bought a new position in Northern Trust in the 2nd quarter valued at about $29,000. Caldwell Trust Co acquired a new stake in Northern Trust during the second quarter worth approximately $48,000. Finally, SJS Investment Consulting Inc. lifted its position in Northern Trust by 2,650.0% during the third quarter. SJS Investment Consulting Inc. now owns 385 shares of the asset manager's stock worth $52,000 after acquiring an additional 371 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company's stock.

Insider Activity at Northern Trust

In related news, Director Robert Edward Jr. Moritz purchased 245 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The stock was acquired at an average price of $151.85 per share, with a total value of $37,203.25. Following the completion of the purchase, the director directly owned 6,931 shares in the company, valued at $1,052,472.35. This trade represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Guy Gibson sold 3,009 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $142.39, for a total transaction of $428,451.51. Following the sale, the insider directly owned 29,332 shares of the company's stock, valued at $4,176,583.48. This represents a 9.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 34,905 shares of company stock worth $5,166,714 in the last quarter. 0.77% of the stock is currently owned by corporate insiders.

Northern Trust Stock Down 3.4%

Shares of NTRS opened at $138.59 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.57. Northern Trust Corporation has a 12 month low of $81.62 and a 12 month high of $157.60. The firm's 50 day moving average is $145.64 and its 200-day moving average is $136.03. The stock has a market capitalization of $25.75 billion, a PE ratio of 15.86, a P/E/G ratio of 1.11 and a beta of 1.27.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its quarterly earnings results on Friday, January 30th. The asset manager reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.05. The business had revenue of $3.15 billion during the quarter. Northern Trust had a return on equity of 14.87% and a net margin of 12.15%.The company's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.26 earnings per share. Equities research analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, March 6th. Northern Trust's dividend payout ratio is presently 36.61%.

Analyst Ratings Changes

Several research firms have recently commented on NTRS. The Goldman Sachs Group upped their target price on Northern Trust from $130.00 to $148.00 and gave the company a "sell" rating in a research report on Wednesday, January 28th. TD Cowen lifted their price target on Northern Trust from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Truist Financial set a $148.00 price objective on Northern Trust in a report on Wednesday, January 7th. Evercore increased their price objective on Northern Trust from $142.00 to $155.00 and gave the stock an "in-line" rating in a research report on Friday, January 23rd. Finally, Barclays lifted their target price on Northern Trust from $136.00 to $160.00 and gave the stock an "equal weight" rating in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $148.75.

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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