Mitsubishi UFJ Asset Management Co. Ltd. Grows Stock Holdings in Northern Trust Corporation (NASDAQ:NTRS)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Northern Trust Corporation by 9.9% in the first quarter, now owning approximately 357,996 shares valued at $35.3 million.
• Northern Trust reported earnings of $2.13 per share for the quarter, exceeding analyst expectations, but experienced a year-over-year revenue decline of 26.4%.
• The company has declared an increased quarterly dividend of $0.80 per share, up from the previous $0.75, reflecting a 2.5% dividend yield.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 357,996 shares of the asset manager's stock after purchasing an additional 32,366 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Northern Trust worth $35,316,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Colonial Trust Co SC grew its holdings in Northern Trust by 6,400.0% during the fourth quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock valued at $27,000 after purchasing an additional 256 shares during the period. Continuum Advisory LLC grew its position in shares of Northern Trust by 5,340.0% in the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after purchasing an additional 267 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Northern Trust during the 1st quarter valued at $35,000. True Wealth Design LLC lifted its holdings in Northern Trust by 84.0% during the 4th quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock worth $44,000 after purchasing an additional 194 shares in the last quarter. Finally, Coppell Advisory Solutions LLC bought a new position in Northern Trust in the 4th quarter worth about $44,000. 83.19% of the stock is owned by institutional investors.

Northern Trust Price Performance

NASDAQ:NTRS traded down $0.41 during trading hours on Monday, hitting $125.24. 1,120,866 shares of the company's stock traded hands, compared to its average volume of 1,486,513. The firm has a market cap of $23.95 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.67 and a beta of 1.28. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $133.00. The business's fifty day simple moving average is $121.80 and its two-hundred day simple moving average is $108.79. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company earned $4.34 earnings per share. The firm's quarterly revenue was down 26.4% on a year-over-year basis. On average, research analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The company also recently declared 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. The ex-dividend date is Friday, September 5th. This is a positive change from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 2.6%. Northern Trust's dividend payout ratio (DPR) is 35.25%.

Wall Street Analyst Weigh In

NTRS has been the subject of several analyst reports. Barclays raised their target price on Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their target price on Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Truist Financial raised their target price on Northern Trust from $116.00 to $126.00 and gave the stock a "hold" rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded Northern Trust from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Royal Bank Of Canada set a $123.00 target price on Northern Trust and gave the stock an "outperform" rating in a research note on Monday, June 30th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $116.58.

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.