Prudential PLC Lowers Stock Holdings in Northern Trust Corporation $NTRS

Key Points

• Prudential PLC cut its Northern Trust stake by 42.4% in the fourth quarter, selling 13,775 shares and ending with 18,679 shares valued at about $2.55 million.
• Northern Trust reported stronger-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 also announced a quarterly dividend of $0.80 per share, payable July 1, which implies a 1.9% annualized yield; meanwhile, analysts currently rate the stock a consensus Hold with an average target price of $164.08.

Prudential PLC reduced its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 42.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,679 shares of the asset manager's stock after selling 13,775 shares during the quarter. Prudential PLC's holdings in Northern Trust were worth $2,551,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Triumph Capital Management purchased a new stake in Northern Trust in the 3rd quarter worth approximately $25,000. Board of the Pension Protection Fund purchased a new position in shares of Northern Trust during the 4th quarter valued at $27,000. Elyxium Wealth LLC bought a new position in shares of Northern Trust in the fourth quarter worth $34,000. International Assets Investment Management LLC bought a new position in shares of Northern Trust in the fourth quarter worth $35,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Northern Trust in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 83.19% of the company's stock.

Northern Trust Stock Performance

NTRS stock opened at $170.47 on Monday. The company has a market capitalization of $31.55 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. Northern Trust Corporation has a one year low of $106.86 and a one year high of $173.66. The company's 50 day moving average price is $159.53 and its two-hundred day moving average price is $147.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.62 and a current ratio of 0.62.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.37 by $0.34. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same quarter in the prior year, the company earned $1.90 EPS. The firm's revenue was up 13.8% on a year-over-year basis. As a group, analysts predict that Northern Trust Corporation will post 10.68 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $3.20 annualized dividend and a yield of 1.9%. Northern Trust's payout ratio is currently 33.51%.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, insider Clive Bellows sold 2,800 shares of the company's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $165.02, for a total transaction of $462,056.00. Following the completion of the sale, the insider directly owned 28,217 shares in the company, valued at $4,656,369.34. This represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO David W. Fox, Jr. sold 19,987 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer directly owned 18,588 shares in the company, valued at $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,800 shares of company stock worth $3,785,251 over the last three months. Company insiders own 0.66% of the company's stock.

Wall Street Analysts Forecast Growth

NTRS has been the subject of several research analyst reports. Barclays lifted their price objective on Northern Trust from $160.00 to $176.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. Citigroup initiated coverage on Northern Trust in a report on Monday, February 23rd. They issued a "neutral" rating on the stock. Zacks Research raised Northern Trust from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Royal Bank Of Canada raised their target price on shares of Northern Trust from $159.00 to $178.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $164.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.