Great Lakes Advisors LLC Acquires New Holdings in Northern Trust Corporation $NTRS

Key Points

• Great Lakes Advisors acquired 32,036 shares of Northern Trust in the second quarter, valued at approximately $5.57 million. Institutional investors and hedge funds collectively own 83.19% of the company.
• Northern Trust reported quarterly EPS of $4.23, beating estimates by $1.52, while revenue rose 35.1% year over year to $2.71 billion.
• The company increased its quarterly dividend from $0.80 to $0.88 per share, equivalent to an annualized dividend of $3.52 and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $180.68.

Great Lakes Advisors LLC bought a new stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 32,036 shares of the asset manager's stock, valued at approximately $5,569,000.

Several other hedge funds also recently bought and sold shares of the company. Reflection Asset Management bought a new position in shares of Northern Trust during the fourth quarter worth $25,000. Triumph Capital Management acquired a new position in shares of Northern Trust in the 3rd quarter valued at $25,000. Basecamp Wealth Advisors LLC increased its position in shares of Northern Trust by 99.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager's stock valued at $28,000 after buying an additional 101 shares in the last quarter. Clearstead Trust LLC acquired a new stake in Northern Trust during the 2nd quarter worth $37,000. Finally, Elyxium Wealth LLC acquired a new stake in Northern Trust during the 4th quarter worth $34,000. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Northern Trust Price Performance

Shares of NASDAQ NTRS opened at $185.40 on Thursday. The firm has a market cap of $33.92 billion, a PE ratio of 15.91, a PEG ratio of 1.07 and a beta of 1.25. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43. Northern Trust Corporation has a 1-year low of $121.12 and a 1-year high of $195.78. The company has a fifty day moving average price of $181.09 and a 200 day moving average price of $162.89.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $1.52. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.69 billion. Northern Trust had a return on equity of 16.91% and a net margin of 14.76%.The company's revenue for the quarter was up 35.1% on a year-over-year basis. During the same quarter last year, the business posted $2.13 EPS. Research analysts predict that Northern Trust Corporation will post 11.59 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be given a $0.88 dividend. This is a boost from Northern Trust's previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Northern Trust's payout ratio is presently 27.47%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Truist Financial boosted their target price on Northern Trust from $176.00 to $186.00 and gave the company a "hold" rating in a research note on Friday, June 26th. Barclays raised their price target on Northern Trust from $176.00 to $189.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 23rd. Evercore set a $179.00 price objective on Northern Trust in a report on Monday, July 6th. JPMorgan Chase & Co. boosted their price objective on Northern Trust from $179.50 to $185.50 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Finally, UBS Group set a $186.00 target price on Northern Trust in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $180.68.

Insider Buying and Selling

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 255 shares of Northern Trust stock in a transaction that occurred on Wednesday, July 29th. The stock was acquired at an average price of $179.57 per share, for a total transaction of $45,790.35. Following the completion of the acquisition, the director owned 8,400 shares of the company's stock, valued at $1,508,388. This trade represents a 3.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.66% of the company's stock.

About Northern Trust

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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