Mesirow Financial Investment Management Inc. Buys 5,083 Shares of Northern Trust Corporation (NASDAQ:NTRS)

Key Points

• Mesirow Financial Investment Management Inc. increased its stake in Northern Trust Corporation by 14.2%, owning 40,767 shares valued at approximately $4 million.
• Northern Trust plans to pay a quarterly dividend of $0.80 on October 1st, an increase from its previous $0.75 dividend, resulting in an annualized dividend of $3.20.
• The company's recent earnings report indicated earnings per share of $2.13, exceeding estimates, but revenue was down 26.4% compared to the same quarter last year.

Mesirow Financial Investment Management Inc. grew its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 14.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,767 shares of the asset manager's stock after purchasing an additional 5,083 shares during the quarter. Mesirow Financial Investment Management Inc.'s holdings in Northern Trust were worth $4,022,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NTRS. Colonial Trust Co SC raised its stake in Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock valued at $27,000 after acquiring an additional 256 shares during the period. Continuum Advisory LLC raised its stake in Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after acquiring an additional 267 shares during the period. Wayfinding Financial LLC bought a new stake in Northern Trust in the 1st quarter valued at about $35,000. True Wealth Design LLC raised its stake in Northern Trust by 84.0% in the 4th quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock valued at $44,000 after acquiring an additional 194 shares during the period. Finally, Coppell Advisory Solutions LLC purchased a new position in Northern Trust during the 4th quarter valued at about $44,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Northern Trust Price Performance

NTRS traded up $0.60 during midday trading on Monday, hitting $127.66. The stock had a trading volume of 296,997 shares, compared to its average volume of 1,628,799. The company has a market cap of $24.41 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 1.69 and a beta of 1.28. The business has a fifty day moving average of $119.53 and a 200 day moving average of $108.05. 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 1 year low of $80.81 and a 1 year high of $133.00.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.05. The business had revenue of $2 billion during 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%. Northern Trust's revenue for the quarter was down 26.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.34 earnings per share. As a group, equities analysts forecast that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be given a $0.80 dividend. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 2.5%. Northern Trust's dividend payout ratio is presently 37.60%.

Analysts Set New Price Targets

A number of research analysts have weighed in on NTRS shares. Wells Fargo & Company lifted their target price on Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Evercore ISI lifted their target price on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $118.00 target price (down previously from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Royal Bank Of Canada set a $123.00 target price on Northern Trust and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Truist Financial lifted their target price on Northern Trust from $116.00 to $126.00 and gave the company a "hold" rating in a report on Thursday, July 3rd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $116.58.

Insider Activity at Northern Trust

In other Northern Trust news, EVP Clive Bellows sold 3,300 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $99.95, for a total value of $329,835.00. Following the completion of the sale, the executive vice president owned 28,736 shares in the company, valued at approximately $2,872,163.20. The trade was a 10.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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. The trade was a 7.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,772 shares of company stock valued at $981,069 in the last quarter. Corporate 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.