Great Lakes Advisors LLC acquired a new stake in Northern Trust Corporation (NASDAQ:NTRS – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund acquired 32,036 shares of the asset manager’s stock, valued at approximately $5,569,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NTRS. Reflection Asset Management bought a new position in shares of Northern Trust in the 4th quarter valued at about $25,000. Triumph Capital Management bought a new stake in shares of Northern Trust in the 3rd quarter valued at about $25,000. Basecamp Wealth Advisors LLC raised its holdings in shares of Northern Trust by 99.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 101 shares during the period. Elyxium Wealth LLC acquired a new stake in Northern Trust in the 4th quarter valued at about $34,000. Finally, International Assets Investment Management LLC acquired a new stake in Northern Trust in the 4th quarter valued at about $35,000. 83.19% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, Director Robert Edward Jr. Moritz purchased 255 shares of Northern Trust stock in a transaction that occurred on Wednesday, July 29th. The stock was acquired at an average cost of $179.57 per share, for a total transaction of $45,790.35. Following the purchase, the director directly owned 8,400 shares of the company’s stock, valued at $1,508,388. This trade represents a 3.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.66% of the company’s stock.
Northern Trust Stock Down 2.7%
Northern Trust (NASDAQ:NTRS – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $1.52. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period last year, the business posted $2.13 earnings per share. The business’s revenue for the quarter was up 35.1% compared to the same quarter last year. On average, analysts forecast that Northern Trust Corporation will post 11.59 earnings per share for the current year.
Northern Trust Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. The ex-dividend date is Friday, September 4th. Northern Trust’s dividend payout ratio is 27.47%.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on NTRS. Wells Fargo & Company boosted their price target on Northern Trust from $189.00 to $194.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Zacks Research raised Northern Trust from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. UBS Group set a $186.00 target price on Northern Trust in a research note on Friday, June 26th. Truist Financial boosted their target price on Northern Trust from $176.00 to $186.00 and gave the stock a “hold” rating in a report on Friday, June 26th. Finally, Morgan Stanley increased their price target on Northern Trust from $170.00 to $173.00 and gave the company an “underweight” rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Northern Trust has an average rating of “Hold” and a consensus target price of $180.68.
Get Our Latest 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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