Man Group plc acquired a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 849,733 shares of the asset manager’s stock, valued at approximately $147,718,000. Man Group plc owned about 0.46% of Northern Trust as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Reflection Asset Management bought a new position in shares of Northern Trust in the fourth quarter worth about $25,000. Triumph Capital Management purchased a new position in Northern Trust during the third quarter valued at approximately $25,000. Basecamp Wealth Advisors LLC boosted its position in shares of Northern Trust by 99.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager’s stock worth $28,000 after purchasing an additional 101 shares during the period. Keating Financial Advisory Services Inc. bought a new position in shares of Northern Trust in the second quarter worth approximately $31,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of Northern Trust in the fourth quarter worth $34,000. 83.19% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Royal Bank Of Canada cut shares of Northern Trust from an “outperform” rating to a “sector perform” rating and set a $178.00 target price on the stock. in a research note on Wednesday, July 22nd. Evercore set a $179.00 price target on Northern Trust in a research note on Monday, July 6th. Wells Fargo & Company raised their price target on Northern Trust from $189.00 to $194.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Truist Financial boosted their price objective on Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Finally, Bank of America upped their price objective on Northern Trust from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Northern Trust has a consensus rating of “Hold” and an average target price of $180.68.
Insider Transactions at Northern Trust
In other news, Director Robert Edward Jr. Moritz purchased 255 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was bought 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 owned 8,400 shares in the company, valued at approximately $1,508,388. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas A. South sold 1,800 shares of Northern Trust stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $184.90, for a total value of $332,820.00. Following the completion of the sale, the executive vice president directly owned 92,917 shares in the company, valued at approximately $17,180,353.30. The trade was a 1.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.66% of the stock is currently owned by insiders.
Northern Trust Stock Performance
NTRS opened at $186.82 on Wednesday. The stock has a market capitalization of $34.18 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.05 and a beta of 1.25. The company has a fifty day moving average of $182.03 and a 200 day moving average of $163.87. Northern Trust Corporation has a fifty-two week low of $121.12 and a fifty-two week high of $195.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.65 and a current ratio of 0.65.
Northern Trust (NASDAQ:NTRS – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $1.52. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the firm posted $2.13 EPS. Northern Trust’s revenue for the quarter was up 35.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Northern Trust Corporation will post 11.59 earnings per share for the current fiscal year.
Northern Trust Increases Dividend
The company also recently announced 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. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 4th. Northern Trust’s dividend payout ratio (DPR) is presently 27.47%.
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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