New York State Common Retirement Fund Lowers Position in Northern Trust Corporation (NASDAQ:NTRS)

New York State Common Retirement Fund lessened its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 15.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 134,527 shares of the asset manager's stock after selling 24,100 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Northern Trust worth $13,271,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kathmere Capital Management LLC increased its stake in Northern Trust by 96.7% in the first quarter. Kathmere Capital Management LLC now owns 5,239 shares of the asset manager's stock worth $517,000 after purchasing an additional 2,575 shares during the period. Ballentine Partners LLC increased its stake in Northern Trust by 90.5% in the first quarter. Ballentine Partners LLC now owns 4,729 shares of the asset manager's stock worth $467,000 after purchasing an additional 2,246 shares during the period. Callahan Advisors LLC increased its stake in Northern Trust by 5.6% in the first quarter. Callahan Advisors LLC now owns 19,492 shares of the asset manager's stock worth $1,923,000 after purchasing an additional 1,035 shares during the period. Cerity Partners LLC increased its stake in Northern Trust by 2.0% in the first quarter. Cerity Partners LLC now owns 566,683 shares of the asset manager's stock worth $55,903,000 after purchasing an additional 11,052 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in Northern Trust by 8.9% in the first quarter. Crossmark Global Holdings Inc. now owns 11,648 shares of the asset manager's stock worth $1,149,000 after purchasing an additional 951 shares during the period. Hedge funds and other institutional investors own 83.19% of the company's stock.

Northern Trust Stock Performance

Shares of NASDAQ:NTRS traded up $0.87 during trading on Friday, hitting $127.93. The stock had a trading volume of 1,382,070 shares, compared to its average volume of 1,429,990. Northern Trust Corporation has a 12-month low of $80.81 and a 12-month high of $133.00. The stock has a market capitalization of $24.89 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 1.85 and a beta of 1.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $114.63 and a two-hundred day simple moving average of $106.03.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The asset manager reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.05. The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.95 billion. Northern Trust had a return on equity of 13.73% and a net margin of 13.93%. On average, equities research analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.35%. The ex-dividend date was Friday, June 6th. Northern Trust's dividend payout ratio is currently 27.99%.

Insider Activity at Northern Trust

In related news, EVP Clive Bellows sold 3,300 shares of Northern Trust stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $99.95, for a total transaction of $329,835.00. Following the completion of the transaction, the executive vice president directly owned 28,736 shares in the company, valued at approximately $2,872,163.20. This trade represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Parker sold 6,467 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were 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 of the company's stock, valued at $7,988,322.42. This trade represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,772 shares of company stock valued at $981,069. 0.77% of the stock is owned by company insiders.

Analysts Set New Price Targets

NTRS has been the topic of a number of recent research reports. Truist Financial increased their price target on Northern Trust from $116.00 to $126.00 and gave the stock a "hold" rating in a research report on Thursday, July 3rd. Royal Bank Of Canada set a $123.00 price target on Northern Trust and gave the stock an "outperform" rating in a research report on Monday, June 30th. The Goldman Sachs Group raised their price objective on Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company dropped their price objective on Northern Trust from $118.00 to $111.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods downgraded Northern Trust from a "market perform" rating to an "underperform" rating and raised their price objective for the company from $103.00 to $120.00 in a research report on Friday, July 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Northern Trust presently has an average rating of "Hold" and an average target price of $114.50.

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.