NewEdge Advisors LLC Buys 5,943 Shares of Northern Trust Corporation $NTRS

Key Points

• NewEdge Advisors increased its Northern Trust stake by 86% in the second quarter, purchasing 5,943 additional shares and bringing its holdings to 12,857 shares valued at approximately $2.24 million. Institutional investors collectively own 83.19% of the company.
• Northern Trust reported strong quarterly results, with earnings of $4.23 per share exceeding estimates of $2.71 and revenue rising 35.1% year over year to $2.71 billion.
• The company raised its quarterly dividend from $0.80 to $0.88 per share, equivalent to an annualized $3.52 dividend and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $180.68.

NewEdge Advisors LLC grew its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 86.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,857 shares of the asset manager's stock after buying an additional 5,943 shares during the quarter. NewEdge Advisors LLC's holdings in Northern Trust were worth $2,235,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NTRS. BlackRock Inc. bought a new stake in Northern Trust in the 2nd quarter valued at $2,523,781,000. Primecap Management Co. CA bought a new position in Northern Trust during the 2nd quarter worth about $1,060,553,000. Goldman Sachs Group Inc. increased its holdings in Northern Trust by 5.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after purchasing an additional 161,826 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Northern Trust by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,455,996 shares of the asset manager's stock valued at $342,744,000 after purchasing an additional 36,322 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Northern Trust in the 2nd quarter valued at about $361,079,000. Institutional investors own 83.19% of the company's stock.

Northern Trust Trading Up 0.2%

NASDAQ NTRS opened at $176.94 on Friday. The company has a market cap of $32.37 billion, a PE ratio of 15.19, a PEG ratio of 0.99 and a beta of 1.24. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43. Northern Trust Corporation has a 12 month low of $121.12 and a 12 month high of $195.78. The stock has a 50 day moving average of $184.76 and a 200-day moving average of $168.40.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $1.52. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the company earned $2.13 earnings per share. The firm's revenue for the quarter was up 35.1% on a year-over-year basis. On average, equities research analysts anticipate that Northern Trust Corporation will post 11.59 EPS for the current fiscal year.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be given a $0.88 dividend. This is a boost from Northern Trust's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.0%. Northern Trust's payout ratio is 30.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NTRS shares. Barclays upped their price objective on Northern Trust from $176.00 to $189.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 23rd. Citigroup raised their target price on shares of Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. Bank of America lifted their price target on shares of Northern Trust from $190.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Truist Financial increased their price objective on shares of Northern Trust from $176.00 to $186.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. Finally, Morgan Stanley increased their price objective on shares of Northern Trust from $170.00 to $173.00 and gave the stock an "underweight" rating in a research note on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $180.68.

Insider Activity

In other news, Director Robert Moritz, Jr. bought 255 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was acquired at an average cost of $179.57 per share, for a total transaction of $45,790.35. Following the purchase, the director owned 8,400 shares of the company's stock, valued at approximately $1,508,388. This trade represents a 3.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Thomas South sold 1,800 shares of Northern Trust stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.90, for a total value of $332,820.00. Following the transaction, the executive vice president owned 92,917 shares of the company's stock, valued at $17,180,353.30. The trade was a 1.90% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.66% of the stock is owned by insiders.

Northern Trust Company Profile

Northern Trust Corporation is a financial services company headquartered in Chicago, Illinois, and the holding company for Northern Trust Company and related businesses. Founded in 1889, the company provides banking, investment management and fiduciary services to corporations, institutions, high-net-worth individuals, families and privately held businesses.

Northern Trust's institutional offerings include asset custody and servicing, fund administration, securities lending, foreign exchange, treasury services, capital markets support and related solutions.

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