Synovus Financial Corp Has $747,000 Position in Northern Trust Corporation $NTRS

Key Points

• Synovus Financial Corp significantly increased its stake in Northern Trust Corporation by 196.6% in the 1st quarter, acquiring an additional 5,022 shares, bringing its total holdings to 7,577 shares worth approximately $747,000.
• Despite a decrease in year-over-year revenue by 26.4%, Northern Trust reported an EPS of $2.13 for the last quarter, exceeding analyst expectations.
• Northern Trust has declared a new quarterly dividend of $0.80 per share, up from the previous $0.75, indicating a solid annual yield of 2.4% for investors.

Synovus Financial Corp raised its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 196.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,577 shares of the asset manager's stock after purchasing an additional 5,022 shares during the quarter. Synovus Financial Corp's holdings in Northern Trust were worth $747,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Colonial Trust Co SC raised its position in Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock valued at $27,000 after purchasing an additional 256 shares during the last quarter. Continuum Advisory LLC raised its position in shares of Northern Trust by 5,340.0% during the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock worth $27,000 after acquiring an additional 267 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Northern Trust during the first quarter worth $29,000. Wayfinding Financial LLC bought a new stake in shares of Northern Trust during the first quarter worth $35,000. Finally, True Wealth Design LLC raised its position in shares of Northern Trust by 84.0% during the fourth quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock worth $44,000 after acquiring an additional 194 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 256 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average cost of $126.34 per share, with a total value of $32,343.04. Following the completion of the purchase, the director owned 2,525 shares in the company, valued at approximately $319,008.50. The trade was a 11.28% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.77% of the company's stock.

Northern Trust Trading Up 0.2%

NTRS traded up $0.29 during mid-day trading on Friday, hitting $131.28. The stock had a trading volume of 852,982 shares, compared to its average volume of 1,026,143. The stock's fifty day simple moving average is $127.37 and its 200-day simple moving average is $110.45. 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 firm has a market capitalization of $25.10 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. Northern Trust Corporation has a 1-year low of $81.62 and a 1-year high of $133.00.

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

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 2.4%. Northern Trust's payout ratio is presently 35.25%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NTRS. Wolfe Research upgraded Northern Trust from an "underperform" rating to a "peer perform" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $118.00 target price (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Royal Bank Of Canada set a $123.00 target price on Northern Trust and gave the stock an "outperform" rating in a research report on Monday, June 30th. Barclays boosted their target price on Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Finally, Evercore ISI upped their price objective on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $117.08.

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.