Nuveen LLC Invests $41.83 Million in Northern Trust Corporation $NTRS

Key Points

• Nuveen LLC has acquired a new stake in Northern Trust Corporation, purchasing 424,062 shares valued at approximately $41.83 million, representing 0.22% of the company's total shares.
• A significant number of institutional investors are increasing their stakes in Northern Trust, with ownership among these investors reaching 83.19% of the company's stock.
• Analysts have set new price targets for Northern Trust, with upgrades from firms like Wells Fargo and Barclays, leading to an average target price of $117.08.

Nuveen LLC purchased a new position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 424,062 shares of the asset manager's stock, valued at approximately $41,834,000. Nuveen LLC owned approximately 0.22% of Northern Trust as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in Northern Trust by 4.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock valued at $774,411,000 after buying an additional 363,472 shares in the last quarter. Invesco Ltd. lifted its stake in Northern Trust by 19.3% in the 1st quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager's stock worth $339,711,000 after acquiring an additional 558,287 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Northern Trust by 2.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,201,309 shares of the asset manager's stock worth $225,641,000 after acquiring an additional 62,605 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Northern Trust by 47.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager's stock worth $178,637,000 after purchasing an additional 585,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Northern Trust by 9.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,727,365 shares of the asset manager's stock valued at $177,055,000 after acquiring an additional 150,274 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on NTRS shares. Evercore ISI raised 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. Barclays boosted their target price on Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Truist Financial boosted their target price on Northern Trust from $128.00 to $132.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Wolfe Research raised Northern Trust from an "underperform" rating to a "peer perform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen cut Northern Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Two 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 company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $117.08.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz bought 256 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the transaction, the director directly owned 2,525 shares in the company, valued at approximately $319,008.50. The trade was a 11.28% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.77% of the company's stock.

Northern Trust Price Performance

Shares of NASDAQ NTRS traded down $0.7020 during mid-day trading on Thursday, hitting $127.1780. 84,686 shares of the stock traded hands, compared to its average volume of 1,581,090. The company has a market cap of $24.32 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. 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 twelve month low of $81.62 and a twelve month high of $133.00. The firm has a 50 day simple moving average of $124.51 and a two-hundred day simple moving average of $109.56.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.05. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the previous year, the business earned $4.34 EPS. The firm's revenue was down 26.4% compared to the same quarter last year. As a group, equities research analysts forecast that Northern Trust Corporation will post 8.27 EPS 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 issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.20 dividend on an annualized basis and a 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 presently 35.25%.

Northern Trust Company 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.