RNC Capital Management LLC Acquires Shares of 424,780 Northern Trust Corporation $NTRS

Key Points

• RNC Capital Management LLC acquired 424,780 shares of Northern Trust Corporation, valued at approximately $41,905,000, making it the 21st largest holding in their portfolio.
• Northern Trust recently announced a quarterly dividend increase to $0.80 per share, with the dividend payout ratio currently at 37.60% and a yield of 2.5%.
• Analysts have provided mixed ratings for Northern Trust, with a consensus rating of "Reduce" and an average price target of $119.58 per share.

RNC Capital Management LLC acquired a new position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 424,780 shares of the asset manager's stock, valued at approximately $41,905,000. Northern Trust makes up 2.1% of RNC Capital Management LLC's portfolio, making the stock its 21st biggest holding. RNC Capital Management LLC owned about 0.22% of Northern Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of NTRS. Ellevest Inc. increased its holdings in Northern Trust by 3.4% during the 4th quarter. Ellevest Inc. now owns 3,410 shares of the asset manager's stock worth $350,000 after purchasing an additional 113 shares during the last quarter. iA Global Asset Management Inc. raised its stake in shares of Northern Trust by 1.8% during the first quarter. iA Global Asset Management Inc. now owns 8,666 shares of the asset manager's stock valued at $855,000 after purchasing an additional 157 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Northern Trust by 0.5% in the first quarter. Amalgamated Bank now owns 38,065 shares of the asset manager's stock valued at $3,755,000 after buying an additional 172 shares during the period. Fifth Third Bancorp boosted its stake in shares of Northern Trust by 1.7% during the 1st quarter. Fifth Third Bancorp now owns 10,876 shares of the asset manager's stock worth $1,073,000 after acquiring an additional 179 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in Northern Trust by 11.4% during the 1st quarter. Parallel Advisors LLC now owns 1,773 shares of the asset manager's stock worth $175,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Northern Trust from $103.00 to $106.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Truist Financial upped their price target on shares of Northern Trust from $128.00 to $132.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Citigroup lifted their price objective on Northern Trust from $110.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday. Wolfe Research upgraded shares of Northern Trust from an "underperform" rating to a "peer perform" 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 report on Saturday, August 16th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $119.58.

Northern Trust Price Performance

Northern Trust stock opened at $127.27 on Monday. The business has a 50-day simple moving average of $128.11 and a 200 day simple moving average of $111.04. The stock has a market cap of $24.34 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.51 and a beta of 1.30. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $133.00.

Northern Trust (NASDAQ:NTRS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.05. Northern Trust had a return on equity of 14.06% and a net margin of 11.75%.The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.96 billion. During the same period in the previous year, the firm posted $4.34 EPS. The business's revenue was down 26.4% on a year-over-year basis. On average, research analysts forecast that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be given a dividend of $0.80 per share. This is a boost from Northern Trust's previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.20 dividend on an annualized basis and a yield of 2.5%. Northern Trust's dividend payout ratio is presently 37.60%.

Insiders Place Their Bets

In related news, Director Robert Edward Jr. Moritz bought 256 shares of the stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the acquisition, the director directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.77% of the stock is currently owned by corporate insiders.

Northern Trust 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.

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