RNC Capital Management LLC Buys 134,688 Shares of Northern Trust Corporation $NTRS

Key Points

• RNC Capital Management LLC boosted its stake in Northern Trust Corporation by 31.7%, acquiring an additional 134,688 shares, bringing their total ownership to 559,468 shares.
• Despite recent increases in institutional investments, Northern Trust's stock has seen a 2.4% decline, trading at approximately $125.48 with a market cap of $24 billion.
• Northern Trust announced a quarterly dividend of $0.80 per share, reflecting a dividend yield of 2.6%, with the ex-dividend date set for December 5th.

RNC Capital Management LLC increased its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 31.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 559,468 shares of the asset manager's stock after acquiring an additional 134,688 shares during the period. Northern Trust comprises about 3.4% of RNC Capital Management LLC's portfolio, making the stock its 3rd largest position. RNC Capital Management LLC owned about 0.29% of Northern Trust worth $70,935,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTRS. GAMMA Investing LLC increased its stake in Northern Trust by 5.8% in the 1st quarter. GAMMA Investing LLC now owns 4,517 shares of the asset manager's stock valued at $446,000 after buying an additional 249 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Northern Trust by 9.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 16,317 shares of the asset manager's stock valued at $1,610,000 after buying an additional 1,358 shares during the last quarter. Continuum Advisory LLC increased its stake in Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after buying an additional 267 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Northern Trust by 9.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,443 shares of the asset manager's stock valued at $438,000 after buying an additional 380 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in Northern Trust by 8.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 84,974 shares of the asset manager's stock valued at $8,383,000 after buying an additional 6,570 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Northern Trust from $125.00 to $135.00 and gave the company an "in-line" rating in a research note on Tuesday, September 30th. Wall Street Zen upgraded shares of Northern Trust from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. TD Cowen assumed coverage on shares of Northern Trust in a research note on Thursday, September 25th. They set a "buy" rating on the stock. Truist Financial boosted their price objective on shares of Northern Trust from $132.00 to $142.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Finally, Zacks Research lowered shares of Northern Trust from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $128.23.

Northern Trust Stock Down 2.4%

Northern Trust stock opened at $125.48 on Thursday. The firm has a market capitalization of $24.00 billion, a PE ratio of 14.75, a P/E/G ratio of 1.43 and a beta of 1.31. 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 moving average is $129.66 and its 200-day moving average is $117.33. Northern Trust Corporation has a fifty-two week low of $81.62 and a fifty-two week high of $135.48.

Northern Trust (NASDAQ:NTRS - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The asset manager reported $2.29 EPS for the quarter, topping the consensus estimate of $2.26 by $0.03. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.02 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. Northern Trust's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.22 EPS. Sell-side analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Friday, December 5th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $3.20 annualized dividend and a dividend yield of 2.6%. Northern Trust's payout ratio is presently 37.60%.

Insider Activity at Northern Trust

In related news, Director Robert Edward Jr. Moritz bought 256 shares of Northern Trust stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average price of $126.34 per share, with a total value of $32,343.04. Following the acquisition, the director owned 2,525 shares of the company's stock, valued at approximately $319,008.50. This represents a 11.28% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.77% of the company's stock.

About Northern Trust

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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