Kentucky Retirement Systems Boosts Stake in Northern Trust Corporation $NTRS

Key Points

• Kentucky Retirement Systems increased its Northern Trust stake by 55.4% during the first quarter, bringing its holdings to 18,547 shares valued at approximately $2.59 million. Institutional investors collectively own 83.19% of the company.
• Northern Trust raised its quarterly dividend from $0.80 to $0.88 per share, implying an annualized dividend of $3.52 and a 1.9% yield.
• NTRS shares opened at $182.51, near analysts’ average price target of $180.25. Analyst sentiment remains mixed, with a consensus “Hold” rating despite several firms raising their price targets.

Kentucky Retirement Systems raised its position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 55.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,547 shares of the asset manager's stock after buying an additional 6,613 shares during the quarter. Kentucky Retirement Systems' holdings in Northern Trust were worth $2,589,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Reflection Asset Management bought a new position in shares of Northern Trust during the 4th quarter valued at approximately $25,000. Triumph Capital Management bought a new stake in Northern Trust in the third quarter worth $25,000. Elyxium Wealth LLC bought a new stake in Northern Trust in the fourth quarter worth $34,000. International Assets Investment Management LLC purchased a new stake in Northern Trust during the fourth quarter valued at $35,000. Finally, Transamerica Financial Advisors LLC raised its stake in Northern Trust by 54.1% during the fourth quarter. Transamerica Financial Advisors LLC now owns 265 shares of the asset manager's stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 83.19% of the company's stock.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 255 shares of the company's stock in a transaction 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 transaction, the director directly owned 8,400 shares of the company's stock, valued at approximately $1,508,388. This represents a 3.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is currently owned by insiders.

Northern Trust Trading Up 2.7%

Shares of NTRS opened at $182.51 on Friday. The company's fifty day simple moving average is $176.01 and its 200-day simple moving average is $159.01. The company has a market cap of $33.77 billion, a P/E ratio of 15.67, a P/E/G ratio of 1.00 and a beta of 1.25. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 0.43. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $191.60.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.88 dividend. This is an increase from Northern Trust's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.9%. Northern Trust's dividend payout ratio is currently 30.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NTRS. The Goldman Sachs Group lifted their price objective on shares of Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 22nd. Barclays upped their target price on shares of Northern Trust from $176.00 to $189.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. BMO Capital Markets raised shares of Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 price target for the company in a report on Monday, April 6th. Morgan Stanley lifted their price target on Northern Trust from $170.00 to $173.00 and gave the stock an "underweight" rating in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on Northern Trust from $170.00 to $179.50 and gave the stock a "neutral" rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $180.25.

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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