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Goldman Sachs Group Inc. Sells 716,929 Shares of Northern Trust Corporation (NASDAQ:NTRS)

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Key Points

  • Goldman Sachs Group Inc. reduced its stake in Northern Trust Corporation by 14.5%, holding 4,211,983 shares valued at approximately $415.5 million.
  • Northern Trust recently announced a quarterly dividend of $0.80, reflecting an increase from the previous $0.75 dividend, with a current annualized yield of 2.6%.
  • The company's latest earnings showed an EPS of $2.13, surpassing expectations, although quarterly revenue has decreased by 26.4% compared to the same quarter last year.
  • Looking to Export and Analyze Northern Trust Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Goldman Sachs Group Inc. trimmed its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 14.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,211,983 shares of the asset manager's stock after selling 716,929 shares during the quarter. Goldman Sachs Group Inc. owned 2.17% of Northern Trust worth $415,512,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. iA Global Asset Management Inc. lifted its holdings in shares of Northern Trust by 1.8% in the 1st quarter. iA Global Asset Management Inc. now owns 8,666 shares of the asset manager's stock worth $855,000 after acquiring an additional 157 shares during the last quarter. Atria Wealth Solutions Inc. lifted its holdings in shares of Northern Trust by 87.7% in the 1st quarter. Atria Wealth Solutions Inc. now owns 5,568 shares of the asset manager's stock worth $553,000 after acquiring an additional 2,601 shares during the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of Northern Trust in the 1st quarter worth approximately $368,000. PNC Financial Services Group Inc. raised its holdings in Northern Trust by 1.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 127,367 shares of the asset manager's stock valued at $12,565,000 after buying an additional 2,191 shares during the last quarter. Finally, LSV Asset Management bought a new stake in Northern Trust during the 1st quarter valued at $31,302,000. 83.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on NTRS shares. Truist Financial upped their price target on shares of Northern Trust from $116.00 to $126.00 and gave the company a "hold" rating in a report on Thursday, July 3rd. Morgan Stanley upped their price target on shares of Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Wells Fargo & Company upped their price objective on shares of Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. The Goldman Sachs Group raised their target price on shares of Northern Trust from $89.00 to $101.00 and gave the stock a "sell" rating in a research report on Wednesday, July 2nd. Finally, Wolfe Research raised shares of Northern Trust from an "underperform" rating to a "peer perform" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $116.58.

View Our Latest Report on Northern Trust

Northern Trust Stock Performance

NASDAQ NTRS traded up $0.92 on Friday, reaching $125.65. 1,152,348 shares of the stock were exchanged, compared to its average volume of 1,501,888. Northern Trust Corporation has a one year low of $81.62 and a one year high of $133.00. The firm has a market capitalization of $24.03 billion, a PE ratio of 14.76, a PEG ratio of 1.67 and a beta of 1.28. The company's 50-day simple moving average is $121.43 and its two-hundred day simple moving average is $108.70. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.05. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The firm's revenue was down 26.4% compared to the same quarter last year. During the same quarter last year, the business earned $4.34 EPS. Analysts expect that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be given a dividend of $0.80 per share. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. Northern Trust's dividend payout ratio (DPR) is 35.25%.

Northern Trust Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Northern Trust (NASDAQ:NTRS)

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