Park Avenue Securities LLC Boosts Stake in Northern Trust Corporation $NTRS

Key Points

• Park Avenue Securities LLC has increased its stake in Northern Trust Corporation by 102.4%, owning 4,579 shares after purchasing an additional 2,317 shares in the second quarter.
• Northern Trust recently reported earnings of $2.13 per share, exceeding analyst expectations, despite a 26.4% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.80, an increase from its previous dividend of $0.75, signifying a dividend yield of 2.4%.

Park Avenue Securities LLC raised its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 102.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,579 shares of the asset manager's stock after buying an additional 2,317 shares during the quarter. Park Avenue Securities LLC's holdings in Northern Trust were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NTRS. Continuum Advisory LLC boosted its holdings in shares of Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after purchasing an additional 267 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Northern Trust in the 1st quarter worth about $29,000. Harbor Investment Advisory LLC boosted its holdings in shares of Northern Trust by 68.4% in the 2nd quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager's stock worth $41,000 after purchasing an additional 130 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Northern Trust in the 1st quarter worth about $35,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Northern Trust in the 1st quarter worth about $43,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Stock Up 1.5%

Shares of NASDAQ:NTRS opened at $133.31 on Monday. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $135.00. The firm has a market capitalization of $25.49 billion, a P/E ratio of 15.67, a P/E/G ratio of 1.59 and a beta of 1.30. The stock has a 50 day moving average price of $128.86 and a 200-day moving average price of $113.60. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72.

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. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.96 billion. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The business's revenue was down 26.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.34 EPS. As a group, equities research analysts anticipate that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's dividend payout ratio (DPR) is currently 37.60%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NTRS shares. Wall Street Zen upgraded Northern Trust from a "sell" rating to a "hold" rating in a report on Friday. Morgan Stanley boosted their target price on Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. TD Cowen began coverage on Northern Trust in a research note on Thursday. They issued a "buy" rating for the company. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $118.00 target price (down previously from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Finally, Citigroup increased their price objective on Northern Trust from $110.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $119.58.

Insider Buying and Selling at Northern Trust

In related news, Director Robert Edward Jr. Moritz purchased 256 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the purchase, the director directly owned 2,525 shares of the company's stock, valued at approximately $319,008.50. This represents a 11.28% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is owned by insiders.

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.

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