Northern Trust Corporation $NTRS Shares Purchased by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its Northern Trust stake by 52.2% in the fourth quarter, buying 16,936 additional shares and bringing its position to 49,401 shares worth about $6.75 million.
• Northern Trust reported better-than-expected quarterly results, with EPS of $2.71 versus $2.37 expected and revenue of $2.21 billion versus $2.13 billion expected. Revenue rose 13.8% year over year.
• The company declared a quarterly dividend of $0.80 per share, implying a 1.9% yield, while analysts currently have a consensus rating of Hold with an average price target of $164.08.

CIBC Asset Management Inc raised its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 52.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,401 shares of the asset manager's stock after buying an additional 16,936 shares during the period. CIBC Asset Management Inc's holdings in Northern Trust were worth $6,748,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in shares of Northern Trust by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,953,020 shares of the asset manager's stock worth $266,763,000 after purchasing an additional 5,564 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Northern Trust by 5.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after purchasing an additional 161,826 shares during the last quarter. Westpac Banking Corp grew its stake in shares of Northern Trust by 34.5% in the 4th quarter. Westpac Banking Corp now owns 978 shares of the asset manager's stock worth $134,000 after purchasing an additional 251 shares during the last quarter. Root Financial Partners LLC grew its stake in shares of Northern Trust by 26.0% in the 4th quarter. Root Financial Partners LLC now owns 721 shares of the asset manager's stock worth $98,000 after purchasing an additional 149 shares during the last quarter. Finally, MUFG Securities EMEA plc grew its stake in shares of Northern Trust by 111.8% in the 4th quarter. MUFG Securities EMEA plc now owns 7,753 shares of the asset manager's stock worth $1,059,000 after purchasing an additional 4,093 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company's stock.

Northern Trust Stock Performance

Shares of NASDAQ:NTRS opened at $170.47 on Friday. The stock has a market capitalization of $31.55 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.24 and a beta of 1.25. Northern Trust Corporation has a 1-year low of $106.86 and a 1-year high of $173.66. 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 business has a 50-day moving average price of $159.53 and a two-hundred day moving average price of $147.30.

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, topping the consensus estimate of $2.37 by $0.34. The firm had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.13 billion. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.90 EPS. Equities analysts predict that Northern Trust Corporation will post 10.68 earnings per share for the current year.

Northern Trust Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings upgraded shares of Northern Trust from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. BMO Capital Markets upgraded shares of Northern Trust from a "market perform" rating to an "outperform" rating and set a $168.00 price target for the company in a report on Monday, April 6th. Citigroup started coverage on shares of Northern Trust in a report on Monday, February 23rd. They set a "neutral" rating for the company. The Goldman Sachs Group lifted their target price on shares of Northern Trust from $151.00 to $169.00 and gave the company a "neutral" rating in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Northern Trust from $150.00 to $175.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $164.08.

Insider Activity

In other news, CFO David W. Fox, Jr. sold 19,987 shares of the company's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $166.16, for a total value of $3,321,039.92. Following the completion of the sale, the chief financial officer directly owned 18,588 shares of the company's stock, valued at $3,088,582.08. This represents a 51.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Clive Bellows sold 2,800 shares of the company's 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 sale, the insider directly owned 28,217 shares of the company's stock, valued at approximately $4,656,369.34. This trade represents a 9.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,800 shares of company stock valued at $3,785,251 in the last ninety days. 0.66% of the stock is owned by insiders.

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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