PNC Financial Services Group Inc. Has $12.57 Million Stake in Northern Trust Corporation (NASDAQ:NTRS)

Key Points

• PNC Financial Services Group Inc. increased its stake in Northern Trust Corporation by 1.8% to $12.57 million, owning 127,367 shares after a recent filing with the SEC.
• Several institutional investors, such as Ellevest Inc. and Fifth Third Bancorp, have also boosted their stakes in Northern Trust, indicating growing interest in the company.
• Northern Trust recently declared a quarterly dividend increase to $0.80 per share, representing a dividend yield of 2.5%, effective October 1st.

PNC Financial Services Group Inc. increased its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,367 shares of the asset manager's stock after buying an additional 2,191 shares during the period. PNC Financial Services Group Inc. owned 0.07% of Northern Trust worth $12,565,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTRS. Ellevest Inc. boosted its stake in shares of Northern Trust by 3.4% in the 4th quarter. Ellevest Inc. now owns 3,410 shares of the asset manager's stock valued at $350,000 after purchasing an additional 113 shares in the last quarter. Amalgamated Bank lifted its holdings in Northern Trust by 0.5% during the 1st quarter. Amalgamated Bank now owns 38,065 shares of the asset manager's stock valued at $3,755,000 after purchasing an additional 172 shares during the last quarter. Fifth Third Bancorp grew its stake in Northern Trust by 1.7% during the first quarter. Fifth Third Bancorp now owns 10,876 shares of the asset manager's stock worth $1,073,000 after buying an additional 179 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Northern Trust by 11.4% during the first quarter. Parallel Advisors LLC now owns 1,773 shares of the asset manager's stock worth $175,000 after buying an additional 182 shares in the last quarter. Finally, True Wealth Design LLC raised its stake in shares of Northern Trust by 84.0% in the fourth quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock valued at $44,000 after acquiring an additional 194 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Insider Activity

In related news, insider Teresa Parker sold 6,467 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $100.62, for a total transaction of $650,709.54. Following the completion of the sale, the insider directly owned 79,391 shares of the company's stock, valued at approximately $7,988,322.42. This represents a 7.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Clive Bellows sold 3,300 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $99.95, for a total transaction of $329,835.00. Following the completion of the sale, the executive vice president directly owned 28,736 shares in the company, valued at $2,872,163.20. This represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,772 shares of company stock valued at $981,069 over the last 90 days. Corporate insiders own 0.77% of the company's stock.

Analyst Upgrades and Downgrades

NTRS has been the subject of a number of recent analyst reports. Evercore ISI raised their price target on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company raised 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. The Goldman Sachs Group upped their price target on shares of Northern Trust from $89.00 to $101.00 and gave the stock a "sell" rating in a research report on Wednesday, July 2nd. Morgan Stanley raised their price objective on shares of Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Finally, Barclays upped their target price on shares of Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Northern Trust currently has a consensus rating of "Hold" and a consensus price target of $116.58.

Northern Trust Stock Performance

NTRS stock opened at $125.92 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $133.00. The business's fifty day moving average is $120.31 and its 200-day moving average is $108.32. The company has a market cap of $24.08 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.28.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.08 by $0.05. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.96 billion. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%. The company's revenue was down 26.4% compared to the same quarter last year. During the same quarter last year, the business earned $4.34 earnings per share. Equities research analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be issued a $0.80 dividend. 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. The ex-dividend date is Friday, September 5th. Northern Trust's dividend payout ratio is currently 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.

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