TD Asset Management Inc Trims Stock Holdings in Northern Trust Corporation $NTRS

Key Points

• TD Asset Management Inc reduced its stake in Northern Trust Corporation by 47.5%, owning 72,587 shares after selling 65,693 shares in the second quarter.
• Northern Trust announced an increase in its quarterly dividend to $0.80 per share, up from $0.75, with a current dividend yield of 2.6%.
• The company reported earnings of $2.13 per share in its last quarter, surpassing analysts' expectations and achieving a net margin of 11.75%.

TD Asset Management Inc decreased its position in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 47.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,587 shares of the asset manager's stock after selling 65,693 shares during the period. TD Asset Management Inc's holdings in Northern Trust were worth $9,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Continuum Advisory LLC raised 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 worth $27,000 after acquiring an additional 267 shares during the last quarter. GFG Capital LLC purchased a new position in Northern Trust in the 2nd quarter worth $35,000. Zions Bancorporation National Association UT purchased a new position in Northern Trust in the 1st quarter worth $29,000. Harbor Investment Advisory LLC raised its stake in shares of Northern Trust by 68.4% during the 2nd quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager's stock valued at $41,000 after buying an additional 130 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new position in shares of Northern Trust in the 1st quarter valued at about $35,000. Hedge funds and other institutional investors own 83.19% of the company's stock.

Insider Buying and Selling

In other news, Director Robert Edward Jr. Moritz acquired 256 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the purchase, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.77% of the company's stock.

Northern Trust Stock Performance

NASDAQ NTRS opened at $124.82 on Monday. The stock has a market capitalization of $23.87 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.39 and a beta of 1.31. Northern Trust Corporation has a twelve month low of $81.62 and a twelve month high of $135.48. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $129.58 and a 200 day moving average of $116.89.

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

Northern Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were paid a dividend of $0.80 per share. This is an increase from Northern Trust's previous quarterly dividend of $0.75. The ex-dividend date was Friday, September 5th. This represents a $3.20 annualized dividend and a yield of 2.6%. Northern Trust's dividend payout ratio (DPR) is presently 37.60%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NTRS shares. The Goldman Sachs Group set a $135.00 price objective on Northern Trust in a report on Tuesday, September 30th. Wall Street Zen raised Northern Trust from a "sell" rating to a "hold" rating in a report on Friday, September 26th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $118.00 price objective (down previously from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Morgan Stanley boosted their price objective on Northern Trust from $110.00 to $131.00 and gave the company an "underweight" rating in a report on Monday, September 29th. Finally, Citigroup boosted their price objective on Northern Trust from $110.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $128.23.

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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