Louisiana State Employees Retirement System purchased a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS – Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,500 shares of the asset manager’s stock, valued at approximately $1,326,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Northern Trust in the fourth quarter valued at approximately $257,410,000. Eurizon Capital SGR S.p.A. bought a new position in Northern Trust in the 4th quarter valued at approximately $126,794,000. AQR Capital Management LLC boosted its position in Northern Trust by 69.0% during the 4th quarter. AQR Capital Management LLC now owns 1,723,516 shares of the asset manager’s stock worth $235,415,000 after buying an additional 703,985 shares during the period. Jupiter Asset Management Ltd. boosted its position in Northern Trust by 114.1% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,031,579 shares of the asset manager’s stock worth $140,903,000 after buying an additional 549,681 shares during the period. Finally, PFA Pension Forsikringsaktieselskab bought a new stake in Northern Trust during the 4th quarter worth approximately $67,126,000. 83.19% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, Director Robert Edward Jr. Moritz purchased 225 shares of the business’s stock in a transaction on Friday, May 1st. The shares were acquired at an average price of $166.41 per share, with a total value of $37,442.25. Following the completion of the transaction, the director owned 8,145 shares of the company’s stock, valued at $1,355,409.45. The trade was a 2.84% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $166.16, for a total value of $3,321,039.92. Following the sale, the chief financial officer owned 18,588 shares of the company’s stock, valued at approximately $3,088,582.08. The trade was a 51.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,800 shares of company stock valued at $3,785,251 over the last quarter. Insiders own 0.66% of the company’s stock.
Northern Trust Stock Performance
Northern Trust (NASDAQ:NTRS – Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.34. The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.13 billion. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The company’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.90 EPS. As a group, research analysts forecast that Northern Trust Corporation will post 11.21 earnings per share for the current year.
Northern Trust Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Northern Trust’s dividend payout ratio (DPR) is currently 33.51%.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of Northern Trust from $157.00 to $170.00 and gave the company an “underweight” rating in a research report on Monday. Truist Financial lifted their price target on shares of Northern Trust from $176.00 to $186.00 and gave the stock a “hold” rating in a report on Friday, June 26th. Wells Fargo & Company boosted their price objective on shares of Northern Trust from $175.00 to $189.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 24th. UBS Group set a $186.00 price objective on Northern Trust in a report on Friday, June 26th. Finally, Royal Bank Of Canada raised their target price on Northern Trust from $159.00 to $178.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $170.69.
Read Our Latest Stock Report on Northern Trust
Northern Trust Company Profile
Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.
Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.
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