North Reef Capital Management LP Sells 12,052 Shares of Northern Trust Corporation $NTRS

Key Points

• North Reef Capital Management trimmed its Northern Trust stake by 3.9% in the first quarter, selling 12,052 shares and leaving it with 298,559 shares worth about $41.7 million.
• Insider trading was mixed: Director Robert Edward Jr. Moritz bought 225 shares, while CFO David W. Fox, Jr. sold 19,987 shares, cutting his ownership by more than half.
• Northern Trust raised its quarterly dividend to $0.88 per share from $0.80, and analysts currently rate the stock a consensus Hold with a target price of $180.25.

North Reef Capital Management LP decreased its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 298,559 shares of the asset manager's stock after selling 12,052 shares during the period. Northern Trust makes up about 1.4% of North Reef Capital Management LP's holdings, making the stock its 15th biggest holding. North Reef Capital Management LP owned approximately 0.16% of Northern Trust worth $41,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in Northern Trust by 13.3% during the 1st quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager's stock valued at $1,984,000 after acquiring an additional 2,363 shares during the period. Woodline Partners LP lifted its position in Northern Trust by 39.1% in the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager's stock valued at $1,633,000 after purchasing an additional 4,653 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Northern Trust by 79.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager's stock valued at $171,000 after purchasing an additional 596 shares during the period. WINTON GROUP Ltd purchased a new stake in shares of Northern Trust during the second quarter valued at approximately $267,000. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Northern Trust by 4.6% in the second quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager's stock worth $3,714,000 after purchasing an additional 1,275 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Insiders Place Their Bets

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 225 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was purchased at an average price of $166.41 per share, for a total transaction of $37,442.25. Following the completion of the purchase, the director directly owned 8,145 shares of the company's stock, valued at $1,355,409.45. This trade represents a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total value of $3,321,039.92. Following the sale, the chief financial officer directly owned 18,588 shares in the company, valued at $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NTRS. The Goldman Sachs Group upped their price objective on shares of Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a report on Wednesday, April 22nd. Truist Financial upped their price target on Northern Trust from $176.00 to $186.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. JPMorgan Chase & Co. lifted their price objective on Northern Trust from $170.00 to $179.50 and gave the company a "neutral" rating in a research note on Monday, July 6th. 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 report on Monday, April 6th. Finally, Citigroup increased their target price on Northern Trust from $162.00 to $172.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $180.25.

Northern Trust Price Performance

Shares of NTRS opened at $180.52 on Friday. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $191.60. The company has a market capitalization of $33.41 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 1.13 and a beta of 1.25. The firm has a 50 day moving average of $174.80 and a 200 day moving average of $157.87. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 0.43.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's dividend payout ratio is 27.47%.

About Northern Trust

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.

Want to see what other hedge funds are holding NTRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Trust Corporation (NASDAQ:NTRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.