PNC Financial Services Group Inc. raised its stake in Northern Trust Corporation (NASDAQ:NTRS – Free Report) by 7.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,666 shares of the asset manager’s stock after acquiring an additional 8,663 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Northern Trust were worth $17,818,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Northern Trust during the fourth quarter valued at approximately $257,410,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Northern Trust in the fourth quarter valued at approximately $126,794,000. AQR Capital Management LLC raised its position in Northern Trust by 69.0% in the 4th quarter. AQR Capital Management LLC now owns 1,723,516 shares of the asset manager’s stock worth $235,415,000 after purchasing an additional 703,985 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings 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 in the last quarter. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in Northern Trust during the 4th quarter worth $67,126,000. 83.19% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have recently commented on NTRS. Wells Fargo & Company lifted their target price on Northern Trust from $189.00 to $194.00 and gave the company an “equal weight” rating in a research note on Thursday. Zacks Research raised Northern Trust from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Truist Financial raised their price target on Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a report on Friday, June 26th. UBS Group set a $186.00 price objective on Northern Trust in a research report on Friday, June 26th. Finally, Evercore set a $179.00 price objective on Northern Trust in a report on Monday, July 6th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $180.25.
Insider Activity at Northern Trust
In other news, Director Robert Edward Jr. Moritz bought 225 shares of the stock in a transaction on Friday, May 1st. The stock was purchased at an average price of $166.41 per share, with a total value of $37,442.25. Following the completion of the purchase, the director owned 8,145 shares of the company’s stock, valued at approximately $1,355,409.45. This trade represents a 2.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $166.16, for a total transaction of $3,321,039.92. Following the completion of the sale, the chief financial officer owned 18,588 shares in the company, valued at approximately $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.66% of the stock is owned by company insiders.
Northern Trust Trading Up 1.4%
NASDAQ:NTRS opened at $180.52 on Friday. Northern Trust Corporation has a 1-year low of $121.12 and a 1-year high of $191.60. The business’s 50-day moving average price is $174.80 and its two-hundred day moving average price is $157.87. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $33.40 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.11 and a beta of 1.25.
Northern Trust (NASDAQ:NTRS – Get Free Report) last issued its earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.34. The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Northern Trust had a return on equity of 16.91% and a net margin of 14.76%.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 earnings per share. On average, equities analysts expect that Northern Trust Corporation will post 11.49 earnings per share for the current year.
Northern Trust Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.88 dividend. The ex-dividend date is Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Northern Trust’s previous quarterly dividend of $0.80. Northern Trust’s dividend payout ratio is 30.21%.
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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