Harvest Investment Advisors LLC Makes New $2.32 Million Investment in Northern Trust Corporation $NTRS

Key Points

• Harvest Investment Advisors LLC opened a new position in Northern Trust during the fourth quarter, buying 16,963 shares worth about $2.32 million. The stake represents roughly 1.3% of its portfolio and is its 18th-largest holding.
• Northern Trust reported strong quarterly results, with earnings of $2.71 per share and revenue of $2.21 billion, both ahead of analyst expectations. Revenue rose 13.8% year over year, and the company said it expects full-year EPS of 10.68.
• The company also announced a quarterly dividend of $0.80 per share, implying a 1.8% yield. Meanwhile, analysts remain mixed on the stock, with a consensus rating of “Hold” and an average price target of $164.08.

Harvest Investment Advisors LLC purchased a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 16,963 shares of the asset manager's stock, valued at approximately $2,317,000. Northern Trust makes up approximately 1.3% of Harvest Investment Advisors LLC's portfolio, making the stock its 18th largest position.

Several other institutional investors and hedge funds have also modified their holdings of NTRS. Norges Bank purchased a new position in shares of Northern Trust during the 4th quarter valued at $257,410,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Northern Trust during the 4th quarter valued at $126,794,000. Jupiter Asset Management Ltd. lifted its stake in shares of Northern Trust by 114.1% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,031,579 shares of the asset manager's stock valued at $140,903,000 after purchasing an additional 549,681 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Northern Trust in the 4th quarter valued at $67,126,000. Finally, AQR Capital Management LLC lifted its stake in shares of Northern Trust by 67.1% in the 3rd quarter. AQR Capital Management LLC now owns 1,019,531 shares of the asset manager's stock valued at $136,750,000 after purchasing an additional 409,434 shares during the last quarter. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Stock Up 1.2%

Shares of NTRS opened at $174.84 on Wednesday. The company has a 50-day simple moving average of $164.00 and a 200-day simple moving average of $149.62. The firm has a market capitalization of $32.35 billion, a P/E ratio of 18.31, a P/E/G ratio of 1.24 and a beta of 1.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.62 and a current ratio of 0.62. Northern Trust Corporation has a 52 week low of $109.00 and a 52 week high of $176.11.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, beating analysts' consensus estimates of $2.37 by $0.34. The business had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $2.13 billion. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.90 earnings per share. On average, equities research analysts expect that Northern Trust Corporation will post 10.68 earnings per share for the current year.

Northern Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, June 5th. Northern Trust's dividend payout ratio is 33.51%.

Insider Activity

In other Northern Trust news, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total value of $3,321,039.92. Following the sale, the chief financial officer directly owned 18,588 shares in the company, valued at approximately $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Edward Jr. Moritz purchased 225 shares of Northern Trust stock in a transaction dated Friday, May 1st. The shares were purchased at an average cost of $166.41 per share, for a total transaction of $37,442.25. Following the completion of the transaction, the director owned 8,145 shares of the company's stock, valued at approximately $1,355,409.45. This represents a 2.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 22,800 shares of company stock valued at $3,785,251 over the last three months. 0.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NTRS shares. Barclays lifted their price objective on shares of Northern Trust from $160.00 to $176.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Northern Trust from $153.50 to $170.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Royal Bank Of Canada lifted their price objective on shares of Northern Trust from $159.00 to $178.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Truist Financial boosted their target price on shares of Northern Trust from $155.00 to $176.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Finally, Citigroup initiated coverage on shares of Northern Trust in a report on Monday, February 23rd. They set a "neutral" rating for the company. One equities 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $164.08.

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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