Rakuten Investment Management Inc. purchased a new position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,734 shares of the asset manager's stock, valued at approximately $5,201,000.
A number of other large investors also recently bought and sold shares of NTRS. BlackRock Inc. purchased a new position in shares of Northern Trust in the 2nd quarter worth $2,523,781,000. State Street Corp boosted its holdings in Northern Trust by 1.0% in the third quarter. State Street Corp now owns 9,493,634 shares of the asset manager's stock valued at $1,285,236,000 after acquiring an additional 97,584 shares during the last quarter. Primecap Management Co. CA purchased a new stake in Northern Trust during the second quarter valued at about $1,060,553,000. Invesco Ltd. grew its position in Northern Trust by 8.7% during the fourth quarter. Invesco Ltd. now owns 3,747,840 shares of the asset manager's stock valued at $511,917,000 after acquiring an additional 301,164 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Northern Trust by 5.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager's stock worth $395,395,000 after acquiring an additional 161,826 shares during the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.
Northern Trust Stock Up 0.3%
Shares of NASDAQ:NTRS opened at $186.79 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43. Northern Trust Corporation has a 52-week low of $121.12 and a 52-week high of $195.78. The company has a 50 day moving average of $182.86 and a two-hundred day moving average of $164.55. The company has a market capitalization of $34.18 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 1.05 and a beta of 1.25.
Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The asset manager reported $4.23 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $1.52. The business had revenue of $2.71 billion for the quarter, compared to analysts' expectations of $2.69 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The business's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 earnings per share. As a group, analysts forecast that Northern Trust Corporation will post 11.59 earnings per share for the current fiscal year.
Northern Trust Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be paid a dividend of $0.88 per share. This is a positive change from Northern Trust's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.9%. Northern Trust's payout ratio is presently 27.47%.
Insiders Place Their Bets
In other Northern Trust news, EVP Thomas A. South sold 1,800 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.90, for a total value of $332,820.00. Following the completion of the transaction, the executive vice president directly owned 92,917 shares of the company's stock, valued at $17,180,353.30. This represents a 1.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Edward Jr. Moritz acquired 255 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was purchased at an average cost of $179.57 per share, with a total value of $45,790.35. Following the completion of the transaction, the director owned 8,400 shares in the company, valued at $1,508,388. The trade was a 3.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.66% of the company's stock.
Wall Street Analysts Forecast Growth
NTRS has been the subject of a number of research analyst reports. Bank of America increased their target price on shares of Northern Trust from $190.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Truist Financial lifted their price target on shares of Northern Trust from $176.00 to $186.00 and gave the company a "hold" rating in a research report on Friday, June 26th. UBS Group set a $186.00 price objective on shares of Northern Trust in a research report on Friday, June 26th. Citigroup raised their target price on shares of Northern Trust from $162.00 to $172.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Finally, Barclays lifted their target price on shares of Northern Trust from $176.00 to $189.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, nine have given 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 price target of $180.68.
Read Our Latest Analysis on Northern Trust
About Northern Trust
(
Free Report)
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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