424,780 Shares in Northern Trust Corporation $NTRS Acquired by RNC Capital Management LLC

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 purchased a new position in shares of 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 purchased 424,780 shares of the asset manager's stock, valued at approximately $41,905,000. Northern Trust accounts for about 2.1% of RNC Capital Management LLC's investment portfolio, making the stock its 21st largest holding. RNC Capital Management LLC owned approximately 0.22% of Northern Trust at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Ellevest Inc. grew its stake in shares of Northern Trust by 3.4% in the fourth quarter. Ellevest Inc. now owns 3,410 shares of the asset manager's stock worth $350,000 after acquiring an additional 113 shares in the last quarter. iA Global Asset Management Inc. raised its stake in Northern Trust by 1.8% in the first quarter. iA Global Asset Management Inc. now owns 8,666 shares of the asset manager's stock valued at $855,000 after buying an additional 157 shares in the last quarter. Amalgamated Bank lifted its holdings in Northern Trust by 0.5% during the 1st quarter. Amalgamated Bank now owns 38,065 shares of the asset manager's stock worth $3,755,000 after buying an additional 172 shares during the last quarter. Fifth Third Bancorp boosted its position 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 raised its position in shares of 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 acquiring an additional 182 shares in the last quarter. 83.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the transaction, the director directly owned 2,525 shares of the company's stock, valued at $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.77% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NTRS. The Goldman Sachs Group upped their price target on Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Wells Fargo & Company upped their price target on Northern Trust from $111.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $118.00 price target (down from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Barclays boosted their price target on shares of Northern Trust from $128.00 to $136.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Finally, Zacks Research cut shares of Northern Trust from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Northern Trust presently has an average rating of "Reduce" and a consensus target price of $119.58.

Northern Trust Stock Performance

Shares of NTRS stock traded down $0.06 during midday trading on Friday, hitting $129.42. The company had a trading volume of 801,946 shares, compared to its average volume of 902,200. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $133.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.72. The company's 50 day simple moving average is $127.95 and its 200 day simple moving average is $111.62. The stock has a market cap of $24.75 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.54 and a beta of 1.30.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, beating 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%. The firm's revenue was down 26.4% compared to the same quarter last year. During the same quarter last year, the firm earned $4.34 earnings per share. Research analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be given a $0.80 dividend. This is a boost from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. Northern Trust's dividend payout ratio (DPR) is currently 37.60%.

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.