Empowered Funds LLC bought a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 45,532 shares of the asset manager’s stock, valued at approximately $7,915,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Northern Trust in the second quarter valued at approximately $2,523,781,000. Primecap Management Co. CA bought a new stake in Northern Trust during the second quarter worth approximately $1,060,553,000. Bank of New York Mellon Corp acquired a new stake in Northern Trust in the second quarter worth approximately $361,079,000. Norges Bank acquired a new stake in Northern Trust in the fourth quarter worth approximately $257,410,000. Finally, Legal & General Group Plc bought a new position in Northern Trust during the 2nd quarter valued at $207,054,000. 83.19% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Northern Trust news, EVP Thomas A. South sold 1,800 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.90, for a total transaction of $332,820.00. Following the sale, the executive vice president owned 92,917 shares in the company, valued at approximately $17,180,353.30. The trade was a 1.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Edward Jr. Moritz acquired 255 shares of Northern Trust stock in a transaction on Wednesday, July 29th. The shares were purchased at an average cost of $179.57 per share, with a total value of $45,790.35. Following the completion of the purchase, the director directly owned 8,400 shares of the company’s stock, valued at approximately $1,508,388. This represents a 3.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.66% of the company’s stock.
Northern Trust Price Performance
Northern Trust (NASDAQ:NTRS – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, topping the consensus estimate of $2.71 by $1.52. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.69 billion. Northern Trust had a return on equity of 16.91% and a net margin of 14.76%.The company’s revenue was up 35.1% compared to the same quarter last year. During the same period last year, the company posted $2.13 EPS. On average, research analysts forecast that Northern Trust Corporation will post 11.59 earnings per share for the current fiscal year.
Northern Trust Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.88 per share. This is a positive change from Northern Trust’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Northern Trust’s dividend payout ratio (DPR) is currently 27.47%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. Zacks Research cut Northern Trust from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. UBS Group set a $186.00 price objective on Northern Trust in a report on Friday, June 26th. Citigroup raised their target price on Northern Trust from $162.00 to $172.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Bank of America lifted their target price on Northern Trust from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Truist Financial boosted their price target on shares of Northern Trust from $176.00 to $186.00 and gave the stock a “hold” rating in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $180.68.
Get Our Latest Stock Report on NTRS
About Northern Trust
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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