Northern Trust Corporation $NTRS is RNC Capital Management LLC's 3rd Largest Position

Key Points

• RNC Capital Management LLC increased its stake in Northern Trust to 579,801 shares (up 1.5%), making NTRS its 3rd largest position at roughly 3.6% of RNC’s portfolio and owning about 0.31% of Northern Trust valued at ~$79.2 million.
• Northern Trust topped expectations with Q results—EPS $2.71 vs. $2.37 estimate and revenue $2.21B (up 13.8% YoY)—and announced a quarterly dividend of $0.80 (annualized $3.20, ~2.0% yield) with an ex-dividend date of June 5.
• Notable insider activity: Director Robert Moritz bought 225 shares while CFO David W. Fox Jr. sold 19,987 shares (a 51.8% reduction in his holdings); insiders have sold 32,705 shares in the past three months and now own about 0.66% of the stock.

RNC Capital Management LLC increased its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 579,801 shares of the asset manager's stock after acquiring an additional 8,472 shares during the quarter. Northern Trust comprises approximately 3.6% of RNC Capital Management LLC's portfolio, making the stock its 3rd biggest position. RNC Capital Management LLC owned 0.31% of Northern Trust worth $79,195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NTRS. PFA Pension Forsikringsaktieselskab purchased a new stake in Northern Trust in the fourth quarter worth $67,126,000. Jupiter Asset Management Ltd. purchased a new stake in Northern Trust in the third quarter worth $64,863,000. AQR Capital Management LLC lifted its stake in Northern Trust by 67.1% in the third quarter. AQR Capital Management LLC now owns 1,019,531 shares of the asset manager's stock worth $136,750,000 after acquiring an additional 409,434 shares during the period. Barclays PLC lifted its stake in Northern Trust by 62.4% in the third quarter. Barclays PLC now owns 1,042,084 shares of the asset manager's stock worth $140,265,000 after acquiring an additional 400,247 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Northern Trust in the second quarter worth $42,698,000. Hedge funds and other institutional investors own 83.19% of the company's stock.

Insider Activity

In related news, Director Robert Edward Jr. Moritz purchased 225 shares of Northern Trust stock in a transaction dated Friday, May 1st. The stock was purchased at an average cost of $166.41 per share, for a total transaction of $37,442.25. Following the completion of the acquisition, the director directly owned 8,145 shares of the company's stock, valued at $1,355,409.45. The trade was a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David W. Fox, Jr. sold 19,987 shares of the firm's 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 transaction, the chief financial officer owned 18,588 shares of the company's stock, valued at $3,088,582.08. The trade was a 51.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 32,705 shares of company stock valued at $5,211,464. 0.66% of the stock is currently owned by insiders.

Northern Trust Stock Performance

Shares of Northern Trust stock opened at $161.24 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $29.88 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.18 and a beta of 1.27. The business has a fifty day simple moving average of $147.24 and a two-hundred day simple moving average of $141.02. Northern Trust Corporation has a 12 month low of $96.28 and a 12 month high of $173.18.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 EPS for the quarter, beating the consensus estimate of $2.37 by $0.34. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the firm posted $1.90 earnings per share. The company's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts forecast that Northern Trust Corporation will post 10.63 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be issued a dividend of $0.80 per share. The ex-dividend date is Friday, June 5th. This represents a $3.20 annualized dividend and a dividend yield of 2.0%. Northern Trust's dividend payout ratio (DPR) is presently 33.51%.

Analyst Ratings Changes

A number of brokerages recently commented on NTRS. Royal Bank Of Canada raised their price target on Northern Trust from $159.00 to $178.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Weiss Ratings reissued a "buy (b-)" rating on shares of Northern Trust in a research report on Thursday, January 22nd. Citigroup initiated coverage on Northern Trust in a research report on Monday, February 23rd. They set a "neutral" rating for the company. Morgan Stanley raised their price objective on Northern Trust from $131.00 to $140.00 and gave the company an "underweight" rating in a research report on Friday, January 23rd. Finally, The Goldman Sachs Group raised their price objective on Northern Trust from $151.00 to $169.00 and gave the company a "neutral" rating in a research report on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Northern Trust has a consensus rating of "Hold" and a consensus price target of $163.55.

Northern Trust 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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