Panagora Asset Management Inc. Cuts Stock Position in Northern Trust Corporation $NTRS

Key Points

• Panagora Asset Management Inc. has reduced its stake in Northern Trust Corporation by 5.2%, now owning approximately 0.22% of the company's shares valued at $41.26 million.
• Northern Trust recently announced a quarterly dividend increase to $0.80, reflecting a 2.4% yield, up from the previous $0.75 per share.
• A variety of institutional investors have been active around Northern Trust's stock, with 83.19% of the company's shares now owned by these entities.

Panagora Asset Management Inc. reduced its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 418,288 shares of the asset manager's stock after selling 23,097 shares during the quarter. Panagora Asset Management Inc. owned about 0.22% of Northern Trust worth $41,264,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC boosted its position in shares of Northern Trust by 6,400.0% during the fourth quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock valued at $27,000 after buying an additional 256 shares during the last quarter. Continuum Advisory LLC boosted its position 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 last quarter. Zions Bancorporation National Association UT bought a new stake in Northern Trust during the first quarter worth $29,000. Wayfinding Financial LLC bought a new stake in Northern Trust during the first quarter worth $35,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Northern Trust during the first quarter worth $43,000. 83.19% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Robert Edward Jr. Moritz bought 256 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average price of $126.34 per share, with a total value of $32,343.04. Following the transaction, the director owned 2,525 shares of the company's stock, valued at approximately $319,008.50. The trade was a 11.28% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen lowered Northern Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Morgan Stanley boosted their target price on Northern Trust from $103.00 to $106.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods restated an "underperform" rating and set a $118.00 target price (down from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Evercore ISI upped their price objective on Northern Trust from $108.00 to $121.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company boosted their target price on Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Northern Trust currently has a consensus rating of "Reduce" and a consensus price target of $117.08.

Northern Trust Trading Down 0.2%

NTRS traded down $0.29 during midday trading on Thursday, reaching $129.41. 661,734 shares of the company's stock traded hands, compared to its average volume of 1,546,867. The firm has a fifty day moving average of $127.92 and a two-hundred day moving average of $110.85. The stock has a market capitalization of $24.75 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.56 and a beta of 1.30. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $133.00.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced 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. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same quarter in the prior year, the company earned $4.34 EPS. The business's revenue was down 26.4% compared to the same quarter last year. On average, equities analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

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

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.