Panagora Asset Management Inc. Purchases 352,379 Shares of Northern Trust Corporation $NTRS

Key Points

• Panagora Asset Management increased its Northern Trust stake by 54.2% in the fourth quarter, buying 352,379 additional shares and bringing its total holdings to 1,002,267 shares valued at about $136.9 million.
• Analyst sentiment remains mixed: Northern Trust’s average rating is Hold, with an average price target of $164.08, though several firms recently raised their targets and Zacks upgraded the stock to Strong Buy.
• Northern Trust reported solid quarterly results, beating earnings and revenue estimates with EPS of $2.71 and revenue of $2.21 billion, while also announcing a quarterly dividend of $0.80 per share.

Panagora Asset Management Inc. boosted its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 54.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,002,267 shares of the asset manager's stock after purchasing an additional 352,379 shares during the period. Panagora Asset Management Inc. owned approximately 0.53% of Northern Trust worth $136,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Triumph Capital Management bought a new stake in Northern Trust in the third quarter worth about $25,000. Board of the Pension Protection Fund bought a new stake in Northern Trust in the fourth quarter worth about $27,000. Elyxium Wealth LLC bought a new stake in Northern Trust in the fourth quarter worth about $34,000. International Assets Investment Management LLC bought a new stake in Northern Trust in the fourth quarter worth about $35,000. Finally, Transamerica Financial Advisors LLC lifted its stake in Northern Trust by 54.1% in the fourth quarter. Transamerica Financial Advisors LLC now owns 265 shares of the asset manager's stock worth $36,000 after purchasing an additional 93 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Analysts Set New Price Targets

NTRS has been the topic of a number of research reports. Citigroup initiated coverage on shares of Northern Trust in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. The Goldman Sachs Group raised their target price on shares of Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 22nd. Wells Fargo & Company raised their target price on shares of Northern Trust from $150.00 to $175.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 22nd. Barclays raised their target price on shares of Northern Trust from $160.00 to $176.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 22nd. Finally, Zacks Research raised shares of Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $164.08.

Northern Trust Stock Performance

Shares of NTRS stock opened at $174.34 on Monday. The firm has a market cap of $32.26 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 1.25 and a beta of 1.25. The company's 50 day moving average is $162.74 and its 200 day moving average is $149.02. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.51. Northern Trust Corporation has a 52-week low of $107.08 and a 52-week high of $175.11.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.34. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.13 billion. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. Northern Trust's revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company posted $1.90 earnings per share. On average, sell-side analysts anticipate that Northern Trust Corporation will post 10.68 EPS for the current fiscal year.

Northern Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 1.8%. The ex-dividend date of this dividend is Friday, June 5th. Northern Trust's dividend payout ratio (DPR) is presently 33.51%.

Insider Activity at Northern Trust

In related news, insider Clive Bellows sold 2,800 shares of Northern Trust stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $165.02, for a total transaction of $462,056.00. Following the transaction, the insider directly owned 28,217 shares of the company's stock, valued at $4,656,369.34. This trade represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert Edward Jr. Moritz acquired 225 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were acquired 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 owned 8,145 shares of the company's stock, valued at $1,355,409.45. This trade represents a 2.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 22,800 shares of company stock valued at $3,785,251 over the last ninety days. 0.66% of the stock is owned by company insiders.

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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