Martingale Asset Management L P Boosts Holdings in Northern Trust Corporation $NTRS

Key Points

• Martingale Asset Management L P increased its stake in Northern Trust Corporation by 4.9%, adding 9,785 shares to its holdings, which now totals 208,592 shares valued at approximately $20.6 million.
• Northern Trust declared a quarterly dividend of $0.80 per share, reflecting a 2.5% yield, which is an increase from the previous quarterly dividend of $0.75.
• The asset manager reported an EPS of $2.13 for the recent quarter, exceeding estimates, but experienced a 26.4% decline in revenue year-over-year.

Martingale Asset Management L P boosted its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 208,592 shares of the asset manager's stock after purchasing an additional 9,785 shares during the quarter. Martingale Asset Management L P owned approximately 0.11% of Northern Trust worth $20,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in NTRS. Colonial Trust Co SC raised its position in shares of Northern Trust by 6,400.0% in the fourth quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after buying an additional 256 shares in the last quarter. Continuum Advisory LLC boosted its holdings in shares of Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after purchasing an additional 267 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Northern Trust during the 1st quarter valued at about $29,000. Wayfinding Financial LLC bought a new position in shares of Northern Trust during the 1st quarter valued at about $35,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Northern Trust during the 1st quarter valued at about $43,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Trading Up 2.2%

NTRS stock traded up $2.75 on Friday, reaching $130.06. The company's stock had a trading volume of 1,014,855 shares, compared to its average volume of 1,065,403. The business has a fifty day simple moving average of $125.33 and a two-hundred day simple moving average of $109.78. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $133.00. The firm has a market cap of $24.87 billion, a PE ratio of 15.28, a PEG ratio of 1.55 and a beta of 1.28. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72.

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

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be given a dividend of $0.80 per share. This is an increase from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Northern Trust's payout ratio is 35.25%.

Analyst Ratings Changes

Several brokerages have issued reports on NTRS. Truist Financial upped their target price on Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Evercore ISI increased their price objective 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. Morgan Stanley increased their price objective on Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods reissued an "underperform" rating and set a $118.00 price objective (down previously from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Finally, Wall Street Zen lowered Northern Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $117.08.

Insider Buying and Selling

In other news, Director Robert Edward Jr. Moritz acquired 256 shares of the stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $126.34 per share, with a total value of $32,343.04. Following the completion of the transaction, the director owned 2,525 shares of the company's stock, valued at $319,008.50. This represents a 11.28% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.77% of the company's stock.

About Northern Trust

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.