Parsons Capital Management Inc. RI Takes Position in Northern Trust Corporation $NTRS

Parsons Capital Management Inc. RI acquired a new position in Northern Trust Corporation (NASDAQ:NTRS) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,667 shares of the asset manager’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NTRS. Bank of New York Mellon Corp increased its position in shares of Northern Trust by 47.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager’s stock worth $178,637,000 after purchasing an additional 585,992 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Northern Trust by 4.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager’s stock valued at $774,411,000 after acquiring an additional 363,472 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Northern Trust by 8.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 84,974 shares of the asset manager’s stock valued at $8,383,000 after acquiring an additional 6,570 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Northern Trust by 529.4% in the 1st quarter. Allianz Asset Management GmbH now owns 461,383 shares of the asset manager’s stock worth $45,515,000 after acquiring an additional 388,081 shares during the last quarter. Finally, Kathmere Capital Management LLC boosted its position in shares of Northern Trust by 96.7% during the 1st quarter. Kathmere Capital Management LLC now owns 5,239 shares of the asset manager’s stock worth $517,000 after purchasing an additional 2,575 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Analysts Set New Price Targets

NTRS has been the topic of a number of research reports. Morgan Stanley upped their price target on Northern Trust from $110.00 to $131.00 and gave the stock an “underweight” rating in a research note on Monday. Wolfe Research upgraded Northern Trust from an “underperform” rating to a “peer perform” rating in a report on Thursday, July 24th. Citigroup raised their price objective on shares of Northern Trust from $110.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $118.00 price objective (down from $120.00) on shares of Northern Trust in a research note on Thursday, July 24th. Finally, Barclays boosted their target price on Northern Trust from $128.00 to $136.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Northern Trust currently has an average rating of “Hold” and a consensus price target of $128.23.

Northern Trust Trading Down 0.6%

NTRS opened at $132.40 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $135.48. The business’s 50 day moving average is $129.46 and its two-hundred day moving average is $114.59. The firm has a market cap of $25.32 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.58 and a beta of 1.31.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.05. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period in the previous year, the company posted $4.34 EPS. The company’s quarterly revenue was down 26.4% on a year-over-year basis. On average, research analysts predict that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. This is a positive change from Northern Trust’s previous quarterly dividend of $0.75. The ex-dividend date was Friday, September 5th. Northern Trust’s payout ratio is currently 37.60%.

Insider Activity

In related news, Director Robert Edward Jr. Moritz purchased 256 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the transaction, the director directly owned 2,525 shares of the company’s stock, valued at approximately $319,008.50. The trade was a 11.28% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.77% of the stock is currently owned by corporate insiders.

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.