Norges Bank Makes New $257.41 Million Investment in Northern Trust Corporation $NTRS

Key Points

• Norges Bank disclosed a new position in Northern Trust, buying 1,884,542 shares valued at about $257.4 million and ending the quarter with roughly 1.0% ownership of the company.
• Northern Trust reported strong quarterly results, with earnings of $2.71 per share and revenue of $2.21 billion, both ahead of analyst estimates. Revenue also rose 13.8% year over year.
• The company announced a quarterly dividend of $0.80 per share, payable July 1, which annualizes to $3.20 and implies a 1.9% yield. Analysts currently rate the stock a consensus Hold with an average price target of $164.08.

Norges Bank bought a new position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 1,884,542 shares of the asset manager's stock, valued at approximately $257,410,000. Norges Bank owned 1.00% of Northern Trust at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. CWM LLC lifted its holdings in shares of Northern Trust by 122.6% in the 4th quarter. CWM LLC now owns 48,284 shares of the asset manager's stock worth $6,595,000 after buying an additional 26,594 shares during the period. iSAM Funds UK Ltd purchased a new stake in shares of Northern Trust during the 3rd quarter worth $2,253,000. Cinctive Capital Management LP lifted its stake in shares of Northern Trust by 113.7% during the 3rd quarter. Cinctive Capital Management LP now owns 28,939 shares of the asset manager's stock worth $3,895,000 after purchasing an additional 15,398 shares during the last quarter. Barclays PLC lifted its stake in shares of Northern Trust by 62.4% during the 3rd quarter. Barclays PLC now owns 1,042,084 shares of the asset manager's stock worth $140,265,000 after purchasing an additional 400,247 shares during the last quarter. Finally, Swiss Life Asset Management Ltd lifted its stake in shares of Northern Trust by 119.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 83,175 shares of the asset manager's stock worth $11,195,000 after purchasing an additional 45,356 shares during the last quarter. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Trading Up 0.9%

Shares of NASDAQ:NTRS opened at $169.79 on Wednesday. The business's 50-day moving average is $156.95 and its 200 day moving average is $146.28. Northern Trust Corporation has a 1 year low of $104.99 and a 1 year high of $173.18. The firm has a market capitalization of $31.42 billion, a P/E ratio of 17.78, a P/E/G ratio of 1.21 and a beta of 1.25. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, beating analysts' consensus estimates of $2.37 by $0.34. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.13 billion. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The company's revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.90 earnings per share. On average, research analysts predict that Northern Trust Corporation will post 10.68 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be issued a $0.80 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.9%. Northern Trust's dividend payout ratio is currently 33.51%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group upped their price objective on Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 22nd. Truist Financial upped their price objective on Northern Trust from $155.00 to $176.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada upped their price objective on Northern Trust from $159.00 to $178.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Citigroup started coverage on Northern Trust in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. Finally, BMO Capital Markets raised Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 target price on the stock in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $164.08.

Insider Transactions at Northern Trust

In other news, Director Robert Edward Jr. Moritz acquired 225 shares of the business's stock in a transaction dated Friday, May 1st. The shares were acquired at an average cost of $166.41 per share, with a total value of $37,442.25. Following the completion of the acquisition, the director owned 8,145 shares of the company's stock, valued at approximately $1,355,409.45. This trade represents a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Clive Bellows sold 2,800 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $165.02, for a total value of $462,056.00. Following the completion of the transaction, the insider directly owned 28,217 shares in the company, valued at $4,656,369.34. This represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 25,809 shares of company stock valued at $4,213,702 over the last three months. Company insiders own 0.66% of the company's stock.

Northern Trust Company Profile

Northern Trust Corporation NASDAQ: NTRS is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company's core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust's product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.

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