Renaissance Technologies LLC Invests $2.30 Million in Northern Trust Corporation $NTRS

Key Points

• Renaissance Technologies acquired 16,498 shares of Northern Trust in the first quarter, worth approximately $2.3 million. Institutional investors and hedge funds collectively own 83.19% of the company.
• Northern Trust raised its quarterly dividend from $0.80 to $0.88 per share, equivalent to $3.52 annually and a 1.9% yield.
• NTRS shares opened at $187.86, near their 12-month high of $191.60, while analysts maintained a consensus “Hold” rating with an average price target of $180.68.

Renaissance Technologies LLC bought a new position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 16,498 shares of the asset manager's stock, valued at approximately $2,303,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Reflection Asset Management acquired a new stake in Northern Trust during the 4th quarter worth approximately $25,000. Triumph Capital Management acquired a new position in Northern Trust during the third quarter valued at approximately $25,000. Elyxium Wealth LLC purchased a new stake in Northern Trust during the fourth quarter worth approximately $34,000. International Assets Investment Management LLC purchased a new stake in Northern Trust during the fourth quarter worth approximately $35,000. Finally, Transamerica Financial Advisors LLC increased its position in shares of Northern Trust by 54.1% in the fourth quarter. Transamerica Financial Advisors LLC now owns 265 shares of the asset manager's stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company's stock.

Northern Trust Stock Performance

NTRS stock opened at $187.86 on Tuesday. The firm has a market cap of $34.37 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.04 and a beta of 1.25. Northern Trust Corporation has a 12-month low of $121.12 and a 12-month high of $191.60. The stock's 50 day simple moving average is $178.27 and its 200 day simple moving average is $160.91. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.88 dividend. This is an increase from Northern Trust's previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Northern Trust's dividend payout ratio is 27.47%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NTRS shares. Wells Fargo & Company lifted their target price on shares of Northern Trust from $189.00 to $194.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods raised their price objective on Northern Trust from $157.00 to $175.00 and gave the company an "underperform" rating in a research report on Thursday, July 9th. Morgan Stanley boosted their price objective on Northern Trust from $170.00 to $173.00 and gave the stock an "underweight" rating in a research note on Thursday, July 23rd. The Goldman Sachs Group upped their target price on Northern Trust from $151.00 to $169.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 22nd. Finally, Zacks Research upgraded Northern Trust from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $180.68.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz bought 255 shares of the stock in a transaction dated Wednesday, July 29th. The stock was bought at an average cost of $179.57 per share, with a total value of $45,790.35. Following the completion of the acquisition, the director owned 8,400 shares of the company's stock, valued at $1,508,388. This trade represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.66% of the stock is currently owned by insiders.

Northern Trust Company Profile

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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