Hudson Bay Capital Management LP Has $9.83 Million Holdings in Northern Trust Corporation $NTRS

Key Points

• Hudson Bay Capital Management cut its stake in Northern Trust by 27.3% in Q3, selling 27,472 shares and ending with 73,026 shares valued at about $9.83 million.
• Northern Trust beat quarterly expectations with EPS of $2.42 vs. $2.37 consensus and revenue of $3.15 billion (revenue +8.4% YoY); analysts project ~8.27 EPS for the year.
• The company declared a quarterly dividend of $0.80 per share (annualized $3.20, ~2.4% yield; ex-dividend/record March 6, paid April 1), and insiders have been active—one director bought 1,000 shares while insiders sold about 34,905 shares (~$5.17M) over the last three months.

Hudson Bay Capital Management LP decreased its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 27.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,026 shares of the asset manager's stock after selling 27,472 shares during the period. Hudson Bay Capital Management LP's holdings in Northern Trust were worth $9,829,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NTRS. Empowered Funds LLC grew its position in Northern Trust by 13.3% during the first quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager's stock valued at $1,984,000 after purchasing an additional 2,363 shares in the last quarter. Woodline Partners LP lifted its position in Northern Trust by 39.1% in the 1st quarter. Woodline Partners LP now owns 16,557 shares of the asset manager's stock worth $1,633,000 after buying an additional 4,653 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Northern Trust by 43.2% during the 2nd quarter. Allworth Financial LP now owns 1,051 shares of the asset manager's stock valued at $133,000 after buying an additional 317 shares during the period. Creative Planning boosted its stake in shares of Northern Trust by 15.4% during the 2nd quarter. Creative Planning now owns 30,469 shares of the asset manager's stock valued at $3,863,000 after buying an additional 4,055 shares during the period. Finally, Cetera Investment Advisers grew its holdings in shares of Northern Trust by 20.0% during the 2nd quarter. Cetera Investment Advisers now owns 8,696 shares of the asset manager's stock valued at $1,103,000 after acquiring an additional 1,451 shares in the last quarter. 83.19% of the stock is owned by hedge funds and other institutional investors.

Northern Trust Stock Performance

Shares of NTRS opened at $135.78 on Friday. The company has a market capitalization of $25.16 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 1.07 and a beta of 1.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.69 and a quick ratio of 0.69. Northern Trust Corporation has a one year low of $81.62 and a one year high of $157.60. The company's fifty day moving average price is $145.04 and its 200 day moving average price is $136.43.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The asset manager reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.37 by $0.05. The company had revenue of $3.15 billion during the quarter. Northern Trust had a net margin of 12.15% and a return on equity of 14.87%. The firm's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $2.26 earnings per share. As a group, analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be paid a dividend of $0.80 per share. The ex-dividend date is Friday, March 6th. This represents a $3.20 annualized dividend and a yield of 2.4%. Northern Trust's dividend payout ratio is presently 36.61%.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Richard Petrino purchased 1,000 shares of the company's stock in a transaction on Thursday, February 5th. The shares were bought at an average cost of $148.91 per share, with a total value of $148,910.00. Following the transaction, the director directly owned 3,332 shares in the company, valued at approximately $496,168.12. This represents a 42.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Clive Bellows sold 1,148 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.26, for a total value of $166,758.48. Following the transaction, the insider owned 34,133 shares of the company's stock, valued at approximately $4,958,159.58. This trade represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 34,905 shares of company stock worth $5,166,714. Insiders own 0.77% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TD Cowen increased their price objective on Northern Trust from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, January 26th. The Goldman Sachs Group upped their target price on Northern Trust from $130.00 to $148.00 and gave the stock a "sell" rating in a research report on Wednesday, January 28th. Wall Street Zen upgraded Northern Trust from a "sell" rating to a "hold" rating in a report on Saturday, December 27th. Weiss Ratings reissued a "buy (b-)" rating on shares of Northern Trust in a research note on Thursday, January 22nd. Finally, Zacks Research raised shares of Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $148.75.

Northern Trust Company 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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