Moors & Cabot Inc. boosted its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 6.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,868 shares of the asset manager’s stock after acquiring an additional 185 shares during the quarter. Moors & Cabot Inc.’s holdings in Northern Trust Corporation were worth $278,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Pennsylvania Trust Co raised its position in Northern Trust Corporation by 4.5% during the second quarter. Pennsylvania Trust Co now owns 45,615 shares of the asset manager’s stock valued at $4,434,000 after acquiring an additional 1,945 shares in the last quarter. Boston Advisors LLC raised its position in Northern Trust Corporation by 6,051.0% during the second quarter. Boston Advisors LLC now owns 160,540 shares of the asset manager’s stock valued at $15,606,000 after acquiring an additional 157,930 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Northern Trust Corporation by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 675,307 shares of the asset manager’s stock valued at $65,647,000 after acquiring an additional 26,164 shares in the last quarter. Eaton Vance Management raised its position in Northern Trust Corporation by 0.3% during the second quarter. Eaton Vance Management now owns 753,651 shares of the asset manager’s stock valued at $73,262,000 after acquiring an additional 2,397 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Northern Trust Corporation by 0.7% during the second quarter. Principal Financial Group Inc. now owns 337,497 shares of the asset manager’s stock valued at $32,808,000 after acquiring an additional 2,298 shares in the last quarter. 81.90% of the stock is currently owned by hedge funds and other institutional investors.
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In other news, Chairman Frederick H. Waddell sold 100,000 shares of the stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $92.00, for a total value of $9,200,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa Parker sold 11,399 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $87.65, for a total value of $999,122.35. The disclosure for this sale can be found here. In the last three months, insiders sold 166,094 shares of company stock valued at $15,115,309. 1.27% of the stock is currently owned by insiders.
NTRS has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed a “buy” rating and set a $97.00 price objective on shares of Northern Trust Corporation in a research report on Thursday, June 29th. BidaskClub raised shares of Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. Morgan Stanley reaffirmed an “underweight” rating and set a $86.00 price objective (up previously from $80.00) on shares of Northern Trust Corporation in a research report on Friday, July 7th. Buckingham Research reaffirmed a “neutral” rating and set a $103.00 price objective (up previously from $93.00) on shares of Northern Trust Corporation in a research report on Monday, July 10th. Finally, Zacks Investment Research raised shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Northern Trust Corporation currently has an average rating of “Hold” and a consensus price target of $95.93.
Northern Trust Corporation (NASDAQ NTRS) traded down 0.89% during trading on Friday, hitting $92.52. 80,726 shares of the stock were exchanged. The stock has a market cap of $21.14 billion, a price-to-earnings ratio of 21.00 and a beta of 0.93. Northern Trust Corporation has a 1-year low of $69.46 and a 1-year high of $99.30. The firm’s 50 day moving average price is $90.13 and its 200-day moving average price is $90.17.
Northern Trust Corporation (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 EPS. On average, analysts anticipate that Northern Trust Corporation will post $4.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 1st were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Wednesday, August 30th. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. Northern Trust Corporation’s dividend payout ratio is presently 38.18%.
Northern Trust Corporation announced that its board has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
About Northern Trust Corporation
Northern Trust Corporation is a financial holding company. The Company provides asset servicing, fund administration, asset management, fiduciary and banking solutions for corporations, institutions, families and individuals across the world. Its segments include Corporate & Institutional Services (C&IS), Wealth Management, and Treasury and Other.
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