Jacobs Levy Equity Management Inc. Reduces Stock Holdings in Northern Trust Corporation $NTRS

Key Points

• Jacobs Levy Equity Management Inc. has reduced its holdings in Northern Trust Corporation by 23.4%, now owning approximately 0.10% of the company worth $18.27 million after selling 56,687 shares.
• Brokerages have updated their price targets for Northern Trust, with Wells Fargo & Company raising it to $120.00 while Citigroup increased theirs to $135.00, reflecting varying ratings from buy to sell.
• Northern Trust recently announced a quarterly dividend increase from $0.75 to $0.80 per share, representing a 2.5% annual yield with a payout ratio of 35.25%.

Jacobs Levy Equity Management Inc. reduced its stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 23.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 185,204 shares of the asset manager's stock after selling 56,687 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.10% of Northern Trust worth $18,270,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NTRS. Colonial Trust Co SC lifted its holdings 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 purchasing an additional 256 shares in the last quarter. Continuum Advisory LLC lifted its stake in shares of Northern Trust by 5,340.0% during the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after buying an additional 267 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of Northern Trust during the first quarter valued at approximately $29,000. Wayfinding Financial LLC purchased a new position in shares of Northern Trust during the first quarter valued at approximately $35,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Northern Trust during the 1st quarter worth $43,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Trading Down 0.2%

Shares of Northern Trust stock traded down $0.26 during trading hours on Friday, reaching $129.22. The stock had a trading volume of 231,057 shares, compared to its average volume of 1,532,645. The firm has a 50 day simple moving average of $128.00 and a two-hundred day simple moving average of $111.49. The firm has a market capitalization of $24.71 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 1.51 and a beta of 1.30. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 1 year low of $81.62 and a 1 year high of $133.00.

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

Northern Trust Increases Dividend

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

Insider Activity at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 256 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $126.34 per share, with a total value of $32,343.04. Following the purchase, the director owned 2,525 shares in the company, valued at approximately $319,008.50. The trade was a 11.28% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.77% of the company's stock.

Analysts Set New Price Targets

NTRS has been the topic of a number of recent analyst reports. Zacks Research lowered Northern Trust from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Royal Bank Of Canada set a $123.00 target price on Northern Trust and gave the stock an "outperform" rating in a research report on Monday, June 30th. Citigroup increased their price objective on shares of Northern Trust from $110.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Wolfe Research upgraded shares of Northern Trust from an "underperform" rating to a "peer perform" rating in a report on Thursday, July 24th. Finally, Truist Financial increased their price objective on shares of Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Northern Trust has a consensus rating of "Reduce" and a consensus target price of $119.58.

Northern Trust Profile

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.