Thoroughbred Financial Services LLC Makes New $368,000 Investment in Northern Trust Corporation (NASDAQ:NTRS)

Key Points

• Thoroughbred Financial Services LLC acquired 3,732 shares of Northern Trust Corporation, valued at approximately $368,000, in the first quarter of the year.
• Several brokerages have recently adjusted their price targets for Northern Trust, with estimates ranging from $106.00 to $123.00 and the current consensus target price at $116.58.
• Northern Trust announced an increase in its quarterly dividend from $0.75 to $0.80, reflecting a 2.6% yield based on an annualized payout of $3.20.

Thoroughbred Financial Services LLC acquired a new position in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,732 shares of the asset manager's stock, valued at approximately $368,000.

Several other large investors have also modified their holdings of the stock. Colonial Trust Co SC boosted its position in shares of Northern Trust by 6,400.0% in the 4th quarter. Colonial Trust Co SC now owns 260 shares of the asset manager's stock worth $27,000 after buying an additional 256 shares in the last quarter. Continuum Advisory LLC boosted its position in shares of 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 buying an additional 267 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Northern Trust in the 1st quarter worth about $35,000. True Wealth Design LLC increased its position in Northern Trust by 84.0% during the 4th quarter. True Wealth Design LLC now owns 425 shares of the asset manager's stock worth $44,000 after purchasing an additional 194 shares in the last quarter. Finally, Coppell Advisory Solutions LLC purchased a new stake in Northern Trust during the 4th quarter worth about $44,000. Institutional investors and hedge funds own 83.19% of the company's stock.

Northern Trust Trading Up 1.7%

Shares of NASDAQ NTRS traded up $2.15 during mid-day trading on Tuesday, hitting $127.39. 277,106 shares of the company traded hands, compared to its average volume of 1,610,223. Northern Trust Corporation has a 1 year low of $81.62 and a 1 year high of $133.00. The stock has a market capitalization of $24.36 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.67 and a beta of 1.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average of $121.80 and a two-hundred day moving average of $108.79.

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

Northern Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 represents a $3.20 annualized dividend and a yield of 2.5%. This is a positive change from Northern Trust's previous quarterly dividend of $0.75. Northern Trust's payout ratio is presently 35.25%.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial lifted their price target on Northern Trust from $116.00 to $126.00 and gave the company a "hold" rating in a report on Thursday, July 3rd. Wolfe Research upgraded Northern Trust from an "underperform" rating to a "peer perform" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods restated an "underperform" rating and issued a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Wall Street Zen upgraded Northern Trust from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Evercore ISI lifted their price target on Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $116.58.

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.