Praxis Investment Management Inc. Cuts Stake in Northern Trust Corporation $NTRS

Key Points

• Praxis Investment Management Inc. has reduced its stake in Northern Trust Corporation by 19.9%, owning 10,217 shares worth approximately $1.295 million after selling 2,540 shares during the second quarter.
• Northern Trust announced a quarterly dividend increase from $0.75 to $0.80 per share, resulting in a 2.6% yield while maintaining a payout ratio of 37.60%.
• The stock currently holds a consensus rating of "Hold" among analysts, with an average target price of $128.23.

Praxis Investment Management Inc. reduced its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 19.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,217 shares of the asset manager's stock after selling 2,540 shares during the quarter. Praxis Investment Management Inc.'s holdings in Northern Trust were worth $1,295,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of NTRS. GAMMA Investing LLC grew its holdings in Northern Trust by 5.8% in the first quarter. GAMMA Investing LLC now owns 4,517 shares of the asset manager's stock worth $446,000 after purchasing an additional 249 shares during the last quarter. SG Americas Securities LLC grew its holdings in Northern Trust by 18.5% in the first quarter. SG Americas Securities LLC now owns 5,353 shares of the asset manager's stock worth $528,000 after purchasing an additional 836 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Northern Trust by 56.6% in the first quarter. QRG Capital Management Inc. now owns 4,571 shares of the asset manager's stock worth $451,000 after purchasing an additional 1,652 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Northern Trust by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 22,956 shares of the asset manager's stock worth $2,264,000 after purchasing an additional 355 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Northern Trust by 9.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,317 shares of the asset manager's stock worth $1,610,000 after purchasing an additional 1,358 shares during the last quarter. 83.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Robert Edward Jr. Moritz purchased 256 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $126.34 per share, with a total value of $32,343.04. Following the transaction, the director owned 2,525 shares of the company's stock, valued at approximately $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.77% of the company's stock.

Northern Trust Price Performance

Shares of NTRS opened at $124.82 on Friday. The business's 50-day moving average is $129.58 and its two-hundred day moving average is $116.58. The company has a market capitalization of $23.87 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.39 and a beta of 1.31. 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 Corporation has a fifty-two week low of $81.62 and a fifty-two week high of $135.48.

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

Northern Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $3.20 annualized dividend and a yield of 2.6%. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's payout ratio is 37.60%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. BMO Capital Markets initiated coverage on shares of Northern Trust in a report on Friday, October 3rd. They issued a "market perform" rating and a $142.00 price target on the stock. Wall Street Zen upgraded shares of Northern Trust from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. Citigroup lifted their price objective on shares of Northern Trust from $110.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $118.00 price objective (down from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Finally, Barclays lifted their price objective on shares of Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $128.23.

Northern Trust 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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