Primecap Management Co. CA Decreases Holdings in Northern Trust Corporation (NASDAQ:NTRS)

Key Points

• Primecap Management Co. decreased its holdings in Northern Trust Corporation (NASDAQ:NTRS) by 2.9%, now owning 6,523,009 shares valued at approximately $643.5 million.
• Northern Trust announced a quarterly dividend increase to $0.80 per share, up from the previous $0.75, with an ex-dividend date on September 5th.
• Insider sales included EVP Clive Bellows selling 3,300 shares at $99.95 each, and Teresa Parker selling 6,467 shares at $100.62, reflecting a decrease in their ownership stakes.

Primecap Management Co. CA trimmed its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,523,009 shares of the asset manager's stock after selling 197,598 shares during the quarter. Primecap Management Co. CA owned about 3.35% of Northern Trust worth $643,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Colonial Trust Co SC grew its holdings in Northern Trust by 6,400.0% during the fourth quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after acquiring an additional 256 shares during the period. Continuum Advisory LLC boosted its position in shares of Northern Trust by 5,340.0% during 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. Wayfinding Financial LLC acquired a new position in shares of Northern Trust during the 1st quarter worth $35,000. Coppell Advisory Solutions LLC purchased a new position in shares of Northern Trust in the 4th quarter valued at about $44,000. Finally, True Wealth Design LLC lifted 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 purchasing an additional 194 shares during the period. Institutional investors and hedge funds own 83.19% of the company's stock.

Northern Trust Trading Up 0.7%

NASDAQ:NTRS traded up $0.92 during trading hours on Friday, reaching $125.65. 1,152,348 shares of the company were exchanged, compared to its average volume of 1,501,888. The firm has a market cap of $24.03 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.65 and a beta of 1.28. The stock has a 50 day simple moving average of $121.04 and a 200 day simple moving average of $108.57. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $133.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72.

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 for the quarter, topping the consensus estimate of $2.08 by $0.05. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same period last year, the company posted $4.34 EPS. The business's quarterly revenue was down 26.4% on a year-over-year basis. As a group, analysts predict that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, September 5th. 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. Northern Trust's dividend payout ratio is presently 35.25%.

Analyst Ratings Changes

A number of research analysts have issued reports on NTRS shares. The Goldman Sachs Group increased their target price on shares of Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Royal Bank Of Canada set a $123.00 target price on shares of Northern Trust and gave the company an "outperform" rating in a report on Monday, June 30th. Morgan Stanley increased their price objective on Northern Trust from $103.00 to $106.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company upped their price objective on shares of Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $116.58.

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.