PNC Financial Services Group Inc. Has $17.82 Million Stock Position in Northern Trust Corporation $NTRS

Key Points

• PNC Financial Services increased its stake in Northern Trust by 7.3% in the first quarter, ending with 127,666 shares valued at about $17.8 million.
• Northern Trust reported better-than-expected quarterly results, with EPS of $2.71 versus the $2.37 estimate and revenue of $2.21 billion, up 13.8% year over year.
• The company raised its quarterly dividend to $0.88 per share from $0.80, and analysts currently have a Hold consensus rating with a price target of $180.25.

PNC Financial Services Group Inc. boosted its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,666 shares of the asset manager's stock after purchasing an additional 8,663 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of Northern Trust worth $17,818,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NTRS. CWM LLC lifted its stake in shares of Northern Trust by 122.6% in the fourth quarter. CWM LLC now owns 48,284 shares of the asset manager's stock valued at $6,595,000 after buying an additional 26,594 shares during the period. Concurrent Investment Advisors LLC bought a new position in Northern Trust during the fourth quarter valued at about $1,959,000. Wealth Enhancement Advisory Services LLC raised its holdings in Northern Trust by 60.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,266 shares of the asset manager's stock valued at $5,660,000 after acquiring an additional 14,846 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Northern Trust by 1,838.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 180,034 shares of the asset manager's stock valued at $22,793,000 after acquiring an additional 170,745 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Northern Trust by 5.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after acquiring an additional 161,826 shares during the period. 83.19% of the stock is owned by institutional investors.

Northern Trust Stock Up 1.4%

NTRS opened at $180.52 on Friday. The firm has a market cap of $33.40 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.11 and a beta of 1.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.62 and a current ratio of 0.65. The firm's 50-day simple moving average is $174.80 and its 200-day simple moving average is $157.87. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $191.60.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.13 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the firm posted $1.90 EPS. Equities research analysts anticipate that Northern Trust Corporation will post 11.49 EPS for the current fiscal year.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Northern Trust's previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. Northern Trust's dividend payout ratio (DPR) is 30.21%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Northern Trust from $157.00 to $175.00 and gave the stock an "underperform" rating in a research report on Thursday, July 9th. Zacks Research upgraded shares of Northern Trust from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. Truist Financial raised their price objective on shares of Northern Trust from $176.00 to $186.00 and gave the stock a "hold" rating in a report on Friday, June 26th. The Goldman Sachs Group increased their price target 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. Finally, Barclays lifted their price objective on Northern Trust from $176.00 to $189.00 and gave the company an "equal weight" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Northern Trust has a consensus rating of "Hold" and a consensus price target of $180.25.

Insider Buying and Selling

In other news, CFO David W. Fox, Jr. sold 19,987 shares of Northern Trust stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total value of $3,321,039.92. Following the completion of the transaction, the chief financial officer owned 18,588 shares in the company, valued at approximately $3,088,582.08. The trade was a 51.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Edward Jr. Moritz bought 225 shares of Northern Trust stock in a transaction dated Friday, May 1st. The stock was 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 directly owned 8,145 shares in the company, valued at $1,355,409.45. This represents a 2.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.66% of the company's stock.

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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