Raiffeisen Bank International AG Lowers Stock Position in Northern Trust Corporation $NTRS

Key Points

• Raiffeisen Bank International AG reduced its Northern Trust stake by 9.7% in the fourth quarter, selling 36,441 shares and leaving it with 338,415 shares worth about $46.7 million.
• Northern Trust reported strong quarterly results, with EPS of $2.71 beating estimates by $0.34 and revenue of $2.21 billion exceeding expectations; revenue rose 13.8% year over year.
• The company also announced a quarterly dividend of $0.80 per share, payable July 1, which implies an annualized yield of about 1.9%.

Raiffeisen Bank International AG lowered its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 338,415 shares of the asset manager's stock after selling 36,441 shares during the quarter. Raiffeisen Bank International AG owned approximately 0.18% of Northern Trust worth $46,745,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in Northern Trust by 13.3% during the first quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager's stock worth $1,984,000 after purchasing an additional 2,363 shares during the period. Woodline Partners LP boosted its position in Northern Trust by 39.1% during the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager's stock worth $1,633,000 after purchasing an additional 4,653 shares during the period. EverSource Wealth Advisors LLC boosted its position in Northern Trust by 79.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager's stock worth $171,000 after purchasing an additional 596 shares during the period. WINTON GROUP Ltd bought a new position in Northern Trust during the second quarter worth about $267,000. Finally, Daiwa Securities Group Inc. boosted its position in Northern Trust by 4.6% during the second quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager's stock worth $3,714,000 after purchasing an additional 1,275 shares during the period. Institutional investors own 83.19% of the company's stock.

Insider Buying and Selling at Northern Trust

In related news, Director Robert Edward Jr. Moritz acquired 225 shares of Northern Trust stock in a transaction on Friday, May 1st. The shares were acquired at an average cost of $166.41 per share, with a total value of $37,442.25. Following the transaction, the director owned 8,145 shares in the company, valued at $1,355,409.45. This trade represents a 2.84% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clive Bellows sold 2,800 shares of the business's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $165.02, for a total transaction of $462,056.00. Following the transaction, the insider directly owned 28,217 shares in the company, valued at approximately $4,656,369.34. The trade was a 9.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 22,800 shares of company stock valued at $3,785,251. 0.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NTRS has been the subject of a number of analyst reports. Zacks Research upgraded shares of Northern Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Wells Fargo & Company raised their price objective on shares of Northern Trust from $150.00 to $175.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group raised their price objective on shares of Northern Trust from $151.00 to $169.00 and gave the company a "neutral" rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Northern Trust from $153.50 to $170.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Finally, Truist Financial raised their price objective on shares of Northern Trust from $155.00 to $176.00 and gave the company a "hold" rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $164.08.

Northern Trust Trading Up 2.8%

Shares of Northern Trust stock opened at $170.75 on Friday. Northern Trust Corporation has a 1 year low of $107.08 and a 1 year high of $173.66. The firm has a market cap of $31.60 billion, a PE ratio of 17.88, a PEG ratio of 1.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62. The company has a 50 day simple moving average of $162.08 and a two-hundred day simple moving average of $148.69.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The asset manager reported $2.71 EPS for the quarter, topping the consensus estimate of $2.37 by $0.34. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the firm posted $1.90 earnings per share. The business's revenue was up 13.8% compared to the same quarter last year. Analysts expect that Northern Trust Corporation will post 10.68 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

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

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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