HighTower Advisors LLC Grows Holdings in Northern Trust Corporation $NTRS

Key Points

• HighTower Advisors increased its Northern Trust stake by 43.7% in the second quarter, bringing its holdings to 35,542 shares valued at approximately $6.18 million. Institutional investors collectively own 83.19% of the company.
• Northern Trust reported quarterly earnings of $4.23 per share, surpassing estimates of $2.71, while revenue rose 35.1% year over year to $2.71 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $180.68. The company also raised its quarterly dividend from $0.80 to $0.88, implying a 1.9% annual yield.

HighTower Advisors LLC raised its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 43.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,542 shares of the asset manager's stock after purchasing an additional 10,810 shares during the quarter. HighTower Advisors LLC's holdings in Northern Trust were worth $6,179,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NTRS. Reflection Asset Management purchased a new position in Northern Trust in the 4th quarter worth about $25,000. Triumph Capital Management purchased a new stake in Northern Trust in the 3rd quarter valued at about $25,000. Continuum Advisory LLC purchased a new stake in Northern Trust in the 2nd quarter valued at about $26,000. Basecamp Wealth Advisors LLC grew its stake in Northern Trust by 99.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager's stock worth $28,000 after acquiring an additional 101 shares in the last quarter. Finally, NBH Bank bought a new position in Northern Trust in the 2nd quarter worth about $30,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Northern Trust from $179.50 to $185.50 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Royal Bank Of Canada cut Northern Trust from an "outperform" rating to a "sector perform" rating and set a $178.00 target price for the company. in a report on Wednesday, July 22nd. Truist Financial increased their price target on Northern Trust from $176.00 to $186.00 and gave the stock a "hold" rating in a research report on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of Northern Trust in a research note on Friday, July 31st. Finally, UBS Group set a $186.00 price objective on Northern Trust in a report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Northern Trust presently has an average rating of "Hold" and an average price target of $180.68.

Northern Trust Trading Up 1.4%

NASDAQ NTRS opened at $187.19 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43. The firm has a market cap of $34.25 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.04 and a beta of 1.24. The company has a 50 day moving average price of $184.73 and a 200 day moving average price of $167.10. Northern Trust Corporation has a 52 week low of $121.12 and a 52 week high of $195.78.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, beating the consensus estimate of $2.71 by $1.52. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period last year, the firm earned $2.13 earnings per share. Northern Trust's revenue was up 35.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Northern Trust Corporation will post 11.59 EPS 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 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. This is a positive change from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's payout ratio is 30.21%.

Insider Buying and Selling at Northern Trust

In related news, EVP Thomas A. South sold 1,800 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $184.90, for a total transaction of $332,820.00. Following the transaction, the executive vice president directly owned 92,917 shares in the company, valued at $17,180,353.30. The trade was a 1.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Moritz, Jr. bought 255 shares of Northern Trust stock in a transaction that occurred on Wednesday, July 29th. The shares were acquired at an average cost of $179.57 per share, for a total transaction of $45,790.35. Following the completion of the transaction, the director directly owned 8,400 shares in the company, valued at $1,508,388. This represents a 3.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.66% of the stock is owned by insiders.

About Northern Trust

Northern Trust Corporation is a financial services company headquartered in Chicago, Illinois, and the holding company for Northern Trust Company and related businesses. Founded in 1889, the company provides banking, investment management and fiduciary services to corporations, institutions, high-net-worth individuals, families and privately held businesses.

Northern Trust's institutional offerings include asset custody and servicing, fund administration, securities lending, foreign exchange, treasury services, capital markets support and related solutions.

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