Oppenheimer Asset Management Inc. Purchases New Shares in Northern Trust Corporation $NTRS

Key Points

• Oppenheimer Asset Management acquired 147,956 Northern Trust shares worth approximately $25.7 million, while institutional investors collectively own 83.19% of the stock.
• Northern Trust raised its quarterly dividend to $0.88 per share from $0.80, implying an annualized dividend of $3.52 and a 1.8% yield.
• The stock opened at $191.41, near its 12-month high of $195.78. Analysts maintain a consensus “Hold” rating with an average price target of $180.68.

Oppenheimer Asset Management Inc. acquired a new stake in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 147,956 shares of the asset manager's stock, valued at approximately $25,721,000. Oppenheimer Asset Management Inc. owned approximately 0.08% of Northern Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of NTRS. Reflection Asset Management acquired a new position in Northern Trust in the 4th quarter worth about $25,000. Triumph Capital Management acquired a new position in shares of Northern Trust during the 3rd quarter worth approximately $25,000. Basecamp Wealth Advisors LLC raised its stake in shares of Northern Trust by 99.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager's stock worth $28,000 after buying an additional 101 shares during the period. Elyxium Wealth LLC purchased a new position in shares of Northern Trust during the 4th quarter valued at approximately $34,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Northern Trust during the 4th quarter valued at approximately $35,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 255 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were acquired at an average cost of $179.57 per share, with a total value of $45,790.35. Following the purchase, the director directly owned 8,400 shares of the company's stock, valued at $1,508,388. This trade represents a 3.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.66% of the stock is owned by company insiders.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $191.41 on Friday. The company's 50-day moving average price is $179.86 and its 200-day moving average price is $161.99. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43. The company has a market cap of $35.02 billion, a P/E ratio of 16.43, a P/E/G ratio of 1.07 and a beta of 1.25. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $195.78.

Northern Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 4th. This is a positive change from Northern Trust's previous quarterly dividend of $0.80. Northern Trust's payout ratio is currently 27.47%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Northern Trust from $179.50 to $185.50 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Citigroup increased their price objective on shares of Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Royal Bank Of Canada lowered shares of Northern Trust from an "outperform" rating to a "sector perform" rating and set a $178.00 target price on the stock. in a research report on Wednesday, July 22nd. Bank of America upped their price target on shares of Northern Trust from $190.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, UBS Group set a $186.00 price target on shares of Northern Trust in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $180.68.

About Northern Trust

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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