Quarry LP Has $602,000 Stock Position in Northern Trust Corporation $NTRS

Key Points

• Quarry LP significantly increased its stake in Northern Trust Corporation by 2,487.7% during the first quarter, now owning 6,107 shares valued at $602,000.
• Northern Trust has recently declared a quarterly dividend of $0.80 per share, up from $0.75, providing an annualized dividend yield of 2.4%.
• The company reported earnings of $2.13 per share for the last quarter, exceeding expectations, but its revenue declined by 26.4% year-over-year to $2 billion.

Quarry LP raised its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 2,487.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,107 shares of the asset manager's stock after purchasing an additional 5,871 shares during the quarter. Quarry LP's holdings in Northern Trust were worth $602,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Mubadala Investment Co PJSC purchased a new position in Northern Trust during the 1st quarter valued at about $3,788,000. Vident Advisory LLC increased its position in shares of Northern Trust by 65.8% in the 1st quarter. Vident Advisory LLC now owns 5,343 shares of the asset manager's stock valued at $527,000 after purchasing an additional 2,120 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in Northern Trust by 14.1% during the 1st quarter. Evergreen Capital Management LLC now owns 5,818 shares of the asset manager's stock worth $578,000 after buying an additional 717 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Northern Trust during the first quarter worth approximately $402,000. Finally, Landscape Capital Management L.L.C. lifted its position in Northern Trust by 5.2% in the first quarter. Landscape Capital Management L.L.C. now owns 8,257 shares of the asset manager's stock valued at $815,000 after acquiring an additional 406 shares during the last quarter. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Northern Trust

In related news, Director Robert Edward Jr. Moritz acquired 256 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the acquisition, the director owned 2,525 shares in the company, valued at approximately $319,008.50. This represents a 11.28% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.77% of the company's stock.

Northern Trust Trading Down 0.1%

Shares of Northern Trust stock traded down $0.07 during trading hours on Wednesday, reaching $129.70. 832,420 shares of the company's stock were exchanged, compared to its average volume of 956,274. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $133.00. The company has a fifty day moving average of $127.81 and a 200-day moving average of $110.72. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $24.80 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 1.56 and a beta of 1.30.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. During the same quarter in the prior year, the company earned $4.34 EPS. The company's revenue was down 26.4% on a year-over-year basis. Sell-side analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. This is an increase from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's payout ratio is presently 35.25%.

Analysts Set New Price Targets

Several brokerages have issued reports on NTRS. Morgan Stanley raised their price objective on shares of Northern Trust from $103.00 to $106.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Royal Bank Of Canada set a $123.00 price target on Northern Trust and gave the company an "outperform" rating in a research report on Monday, June 30th. The Goldman Sachs Group upped their price objective on Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company increased their price target on Northern Trust from $111.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Finally, Wall Street Zen cut shares of Northern Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $117.08.

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.