Goldman Sachs Group Inc. Sells 716,929 Shares of Northern Trust Corporation $NTRS

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Northern Trust Corporation by 14.5%, selling 716,929 shares during the first quarter, leaving them with approximately 2.17% ownership valued at $415.5 million.
• Northern Trust's latest quarterly earnings showed a profit of $2.13 per share, exceeding expectations, although revenue fell 26.4% year-over-year.
• The company has announced a dividend increase to $0.80 per share, reflecting a dividend yield of 2.5%, with the payment scheduled for October 1st.

Goldman Sachs Group Inc. decreased its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 14.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,211,983 shares of the asset manager's stock after selling 716,929 shares during the period. Goldman Sachs Group Inc. owned about 2.17% of Northern Trust worth $415,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Continuum Advisory LLC grew its position in shares of Northern Trust by 5,340.0% during the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after acquiring an additional 267 shares during the period. Zions Bancorporation National Association UT bought a new stake in Northern Trust during the 1st quarter worth approximately $29,000. Wayfinding Financial LLC bought a new stake in Northern Trust during the 1st quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd bought a new stake in Northern Trust during the 1st quarter worth approximately $43,000. Finally, Assetmark Inc. raised its stake in Northern Trust by 54.9% during the 1st quarter. Assetmark Inc. now owns 584 shares of the asset manager's stock worth $58,000 after acquiring an additional 207 shares during the period. Institutional investors own 83.19% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on NTRS shares. Royal Bank Of Canada set a $123.00 target price on shares of Northern Trust and gave the stock an "outperform" rating in a report on Monday, June 30th. Truist Financial upped their target price on shares of Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. The Goldman Sachs Group upped their target price on shares of Northern Trust from $89.00 to $101.00 and gave the stock a "sell" rating in a report on Wednesday, July 2nd. Zacks Research downgraded shares of Northern Trust from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, Wells Fargo & Company upped their target price 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. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $119.58.

Insider Activity

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 256 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the transaction, the director owned 2,525 shares of the company's stock, valued at $319,008.50. This represents a 11.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.77% of the company's stock.

Northern Trust Price Performance

Shares of NTRS traded down $0.06 during midday trading on Friday, hitting $129.42. 801,946 shares of the company traded hands, compared to its average volume of 902,200. The firm has a 50 day moving average of $127.95 and a 200-day moving average of $111.62. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $133.00. The stock has a market cap of $24.75 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.54 and a beta of 1.30. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.05. The firm 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 business's revenue was down 26.4% compared to the same quarter last year. During the same period in the prior year, the company earned $4.34 EPS. On average, analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently announced 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 represents a $3.20 annualized dividend and a dividend yield of 2.5%. This is a positive change from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio is currently 37.60%.

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.