VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in Northern Trust Corporation $NTRS

Key Points

• Virginia Retirement Systems ET Al purchased 348,500 shares of Northern Trust Corporation, valued at approximately $44.2 million, during the second quarter, representing about 0.18% of the company.
• The company recently increased its quarterly dividend from $0.75 to $0.80 per share, reflecting an annualized dividend of $3.20 and a yield of 2.6%.
• Analysts have mixed ratings for Northern Trust, with a consensus rating of "Hold" and an average target price of $128.23, as four analysts rated it as a Buy and three as a Sell.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 348,500 shares of the asset manager's stock, valued at approximately $44,186,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.18% of Northern Trust at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Continuum Advisory LLC increased its stake 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 valued at $27,000 after buying an additional 267 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Northern Trust in the first quarter worth about $29,000. Wayfinding Financial LLC bought a new stake in Northern Trust during the 1st quarter worth about $35,000. GFG Capital LLC acquired a new position in Northern Trust during the 2nd quarter valued at about $35,000. Finally, Harbor Investment Advisory LLC boosted its stake in shares of Northern Trust by 68.4% in the 2nd quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager's stock valued at $41,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NTRS shares. Truist Financial upped their price objective on Northern Trust from $132.00 to $142.00 and gave the company a "hold" rating in a report on Thursday, October 2nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Northern Trust in a research report on Wednesday, October 8th. Morgan Stanley upped their target price on shares of Northern Trust from $110.00 to $131.00 and gave the company an "underweight" rating in a research note on Monday, September 29th. TD Cowen assumed coverage on shares of Northern Trust in a research report on Thursday, September 25th. They set a "buy" rating on the stock. Finally, Citigroup boosted their price target on shares of Northern Trust from $110.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $128.23.

Insider Activity

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the company's stock in a transaction dated 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 completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.77% of the company's stock.

Northern Trust Stock Performance

NTRS opened at $124.82 on Friday. The business's 50-day simple moving average is $129.58 and its 200 day simple moving average is $116.71. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $135.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market capitalization of $23.87 billion, a PE ratio of 14.67, a PEG ratio of 1.39 and a beta of 1.31.

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

Northern Trust Increases Dividend

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

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.

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