Northern Trust Corporation (NASDAQ:NTRS) Shares Sold by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. has reduced its stake in Northern Trust Corporation (NASDAQ:NTRS) by 3.4%, selling 4,555 shares but still maintaining 129,169 shares in total.
• Several institutional investors have increased their positions in Northern Trust, with Allianz Asset Management GmbH notably boosting its stake by 529.4% during the first quarter.
• Northern Trust recently increased its quarterly dividend from $0.75 to $0.80 per share, representing a yield of 2.5% and a payout ratio of 35.25%.

Levin Capital Strategies L.P. lessened its position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 3.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 129,169 shares of the asset manager's stock after selling 4,555 shares during the period. Northern Trust makes up 1.3% of Levin Capital Strategies L.P.'s portfolio, making the stock its 27th biggest position. Levin Capital Strategies L.P. owned about 0.07% of Northern Trust worth $12,743,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of Northern Trust by 47.8% during the first quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock worth $178,637,000 after purchasing an additional 585,992 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Northern Trust by 4.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock worth $774,411,000 after acquiring an additional 363,472 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Northern Trust by 8.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 84,974 shares of the asset manager's stock worth $8,383,000 after acquiring an additional 6,570 shares during the period. Allianz Asset Management GmbH grew its position in Northern Trust by 529.4% in the first quarter. Allianz Asset Management GmbH now owns 461,383 shares of the asset manager's stock valued at $45,515,000 after acquiring an additional 388,081 shares in the last quarter. Finally, Kathmere Capital Management LLC raised its stake in shares of Northern Trust by 96.7% during the first quarter. Kathmere Capital Management LLC now owns 5,239 shares of the asset manager's stock valued at $517,000 after purchasing an additional 2,575 shares during the period. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Teresa Parker sold 6,467 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $100.62, for a total value of $650,709.54. Following the completion of the sale, the insider owned 79,391 shares in the company, valued at $7,988,322.42. This represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.77% of the company's stock.

Northern Trust Stock Performance

Shares of NTRS traded down $0.94 during trading hours on Thursday, reaching $124.73. 1,267,264 shares of the company's stock traded hands, compared to its average volume of 1,521,334. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $133.00. The business's fifty day simple moving average is $121.04 and its two-hundred day simple moving average is $108.57. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $23.85 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.67 and a beta of 1.28.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, beating the consensus estimate of $2.08 by $0.05. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. Northern Trust's quarterly revenue was down 26.4% on a year-over-year basis. During the same quarter last year, the company earned $4.34 EPS. Analysts predict that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be given a dividend of $0.80 per share. This is a boost from Northern Trust's previous quarterly dividend of $0.75. The ex-dividend date is Friday, September 5th. This represents a $3.20 annualized dividend and a dividend yield of 2.6%. Northern Trust's payout ratio is 35.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NTRS shares. The Goldman Sachs Group raised their price target on shares of Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Wolfe Research raised shares of Northern Trust from an "underperform" rating to a "peer perform" rating in a research report on Thursday, July 24th. Truist Financial boosted their price target on Northern Trust from $116.00 to $126.00 and gave the stock a "hold" rating in a research note on Thursday, July 3rd. Royal Bank Of Canada set a $123.00 price target on Northern Trust and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Barclays lifted their price objective on Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $116.58.

Northern Trust Profile

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.