Horizon Investment Services LLC increased its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 260.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,101 shares of the asset manager's stock after buying an additional 25,363 shares during the quarter. Northern Trust comprises about 1.7% of Horizon Investment Services LLC's holdings, making the stock its 20th largest position. Horizon Investment Services LLC's holdings in Northern Trust were worth $3,463,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ellevest Inc. increased its stake in shares of Northern Trust by 3.4% in the fourth quarter. Ellevest Inc. now owns 3,410 shares of the asset manager's stock valued at $350,000 after purchasing an additional 113 shares during the period. Amalgamated Bank raised its stake in shares of Northern Trust by 0.5% during the first quarter. Amalgamated Bank now owns 38,065 shares of the asset manager's stock worth $3,755,000 after buying an additional 172 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Northern Trust by 1.7% in the first quarter. Fifth Third Bancorp now owns 10,876 shares of the asset manager's stock valued at $1,073,000 after buying an additional 179 shares during the period. Parallel Advisors LLC boosted its holdings in Northern Trust by 11.4% during the first quarter. Parallel Advisors LLC now owns 1,773 shares of the asset manager's stock worth $175,000 after purchasing an additional 182 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of Northern Trust by 84.0% in the fourth quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock valued at $44,000 after acquiring an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.
Northern Trust Stock Performance
Shares of NTRS traded down $2.34 on Monday, reaching $125.59. The company's stock had a trading volume of 1,402,556 shares, compared to its average volume of 1,429,791. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.71 and a quick ratio of 0.71. Northern Trust Corporation has a 12-month low of $80.81 and a 12-month high of $134.92. The stock has a market capitalization of $24.43 billion, a P/E ratio of 16.19, a PEG ratio of 1.90 and a beta of 1.26. The stock's 50 day simple moving average is $115.18 and its two-hundred day simple moving average is $106.25.
Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The asset manager reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.05. The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.95 billion. Northern Trust had a net margin of 13.93% and a return on equity of 13.73%. Research analysts forecast that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.
Northern Trust Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $3.00 dividend on an annualized basis and a yield of 2.39%. Northern Trust's payout ratio is currently 27.99%.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on NTRS shares. Bank of America cut their price objective on Northern Trust from $123.00 to $121.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Royal Bank Of Canada set a $123.00 price objective on Northern Trust and gave the company an "outperform" rating in a research report on Monday, June 30th. Wells Fargo & Company decreased their price objective on Northern Trust from $118.00 to $111.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI lifted their target price on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial raised their price target on Northern Trust from $116.00 to $126.00 and gave the company a "hold" rating in a report on Thursday, July 3rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $114.50.
Check Out Our Latest Report on NTRS
Insider Buying and Selling at Northern Trust
In other news, insider Teresa Parker sold 6,467 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $100.62, for a total transaction of $650,709.54. Following the completion of the transaction, the insider directly owned 79,391 shares of the company's stock, valued at approximately $7,988,322.42. The trade was a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Clive Bellows sold 3,300 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $99.95, for a total transaction of $329,835.00. Following the sale, the executive vice president owned 28,736 shares of the company's stock, valued at $2,872,163.20. This represents a 10.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,772 shares of company stock worth $981,069. Insiders own 0.77% of the company's stock.
About Northern Trust
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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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