New York State Teachers Retirement System Grows Holdings in Northern Trust Corporation $NTRS

Key Points

• The New York State Teachers Retirement System increased its holdings in Northern Trust Corporation by 5.0%, now owning 197,469 shares valued at approximately $25 million.
• Several large investors, including Allianz Asset Management, have significantly raised their stakes in Northern Trust, reflecting growing institutional interest with 83.19% of the stock owned by institutional investors.
• Northern Trust recently declared a quarterly dividend of $0.80 per share, marking an increase from the previous $0.75 dividend, with a current yield of 2.6%.

New York State Teachers Retirement System grew its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 5.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 197,469 shares of the asset manager's stock after buying an additional 9,468 shares during the quarter. New York State Teachers Retirement System owned 0.10% of Northern Trust worth $25,037,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in 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 during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Northern Trust by 4.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock worth $774,411,000 after purchasing an additional 363,472 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in Northern Trust by 8.4% during the first quarter. Asset Management One Co. Ltd. now owns 84,974 shares of the asset manager's stock worth $8,383,000 after purchasing an additional 6,570 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Northern Trust by 529.4% during the first quarter. Allianz Asset Management GmbH now owns 461,383 shares of the asset manager's stock worth $45,515,000 after purchasing an additional 388,081 shares during the last quarter. Finally, Kathmere Capital Management LLC lifted its stake in Northern Trust by 96.7% during 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 last quarter. 83.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NTRS has been the topic of several research analyst reports. Evercore ISI raised their price objective on Northern Trust from $125.00 to $135.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Royal Bank Of Canada set a $123.00 price objective on Northern Trust and gave the stock an "outperform" rating in a research note on Monday, June 30th. Citigroup raised their price objective on Northern Trust from $110.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Barclays boosted their price target on shares of Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Finally, Wolfe Research raised shares of Northern Trust from an "underperform" rating to a "peer perform" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Northern Trust currently has a consensus rating of "Hold" and an average target price of $128.23.

Northern Trust Price Performance

Shares of NTRS opened at $124.82 on Friday. The firm has a market capitalization of $23.87 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.39 and a beta of 1.31. 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 Corporation has a one year low of $81.62 and a one year high of $135.48. The stock's fifty day moving average is $129.58 and its 200-day moving average is $116.58.

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

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.6%. This is a positive change from Northern Trust's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, September 5th. Northern Trust's dividend payout ratio is 37.60%.

Insider Activity at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $126.34 per share, with a total value of $32,343.04. Following the completion of the acquisition, the director owned 2,525 shares of the company's stock, valued at approximately $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.

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