Victory Capital Management Inc. Reduces Position in Northern Trust Corporation (NASDAQ:NTRS)

Victory Capital Management Inc. reduced its holdings in Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 373,860 shares of the asset manager's stock after selling 40,565 shares during the period. Victory Capital Management Inc. owned approximately 0.19% of Northern Trust worth $36,881,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its stake in shares of Northern Trust by 4.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager's stock worth $774,411,000 after buying an additional 363,472 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Northern Trust in the 1st quarter valued at about $6,567,000. MQS Management LLC acquired a new position in Northern Trust in the 1st quarter valued at about $413,000. Fulton Breakefield Broenniman LLC acquired a new position in Northern Trust in the 1st quarter valued at about $227,000. Finally, Kathmere Capital Management LLC boosted its holdings in Northern Trust by 96.7% in the 1st quarter. Kathmere Capital Management LLC now owns 5,239 shares of the asset manager's stock valued at $517,000 after purchasing an additional 2,575 shares during 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, EVP Clive Bellows sold 3,300 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $99.95, for a total value of $329,835.00. Following the completion of the transaction, the executive vice president owned 28,736 shares of the company's stock, valued at $2,872,163.20. This trade represents a 10.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Teresa Parker sold 6,467 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $100.62, for a total transaction of $650,709.54. Following the completion of the transaction, the insider directly owned 79,391 shares of the company's stock, valued at $7,988,322.42. This represents a 7.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,772 shares of company stock valued at $981,069 in the last three months. 0.77% of the stock is currently owned by corporate insiders.

Northern Trust Trading Up 0.7%

Shares of NTRS stock traded up $0.87 during trading hours on Friday, hitting $127.93. The company had a trading volume of 1,382,070 shares, compared to its average volume of 1,429,865. The company's fifty day moving average is $115.18 and its 200 day moving average is $106.23. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.71 and a quick ratio of 0.71. Northern Trust Corporation has a fifty-two week low of $80.81 and a fifty-two week high of $133.00. The stock has a market capitalization of $24.89 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 1.90 and a beta of 1.26.

Northern Trust (NASDAQ:NTRS - Get Free Report) last released its earnings results on Tuesday, April 22nd. The asset manager reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.85 by $0.05. Northern Trust had a net margin of 13.93% and a return on equity of 13.73%. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.95 billion. Research analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a $0.75 dividend. The ex-dividend date was Friday, June 6th. This represents a $3.00 annualized dividend and a yield of 2.35%. Northern Trust's dividend payout ratio is presently 27.99%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NTRS. Evercore ISI boosted their target price on shares of Northern Trust from $108.00 to $121.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company decreased their target price on shares of Northern Trust from $118.00 to $111.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 23rd. Royal Bank Of Canada set a $123.00 target price on shares of Northern Trust and gave the company an "outperform" rating in a report on Monday, June 30th. The Goldman Sachs Group boosted their target price on shares of Northern Trust from $89.00 to $101.00 and gave the company a "sell" rating in a report on Wednesday, July 2nd. Finally, Truist Financial upped their price objective on shares of Northern Trust from $116.00 to $126.00 and gave the stock a "hold" rating in a report on Thursday, July 3rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Northern Trust has a consensus rating of "Hold" and an average target price of $114.50.

Northern Trust Company 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.