Kovitz Investment Group Partners LLC raised its position in Northern Trust Corporation (NASDAQ:NTRS) by 408.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,567 shares of the asset manager’s stock after buying an additional 10,900 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Northern Trust Corporation were worth $1,319,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Chevy Chase Trust Holdings Inc. raised its stake in shares of Northern Trust Corporation by 3.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 223,398 shares of the asset manager’s stock worth $19,341,000 after buying an additional 7,854 shares during the period. Creative Planning raised its stake in shares of Northern Trust Corporation by 117.8% in the first quarter. Creative Planning now owns 2,354 shares of the asset manager’s stock worth $204,000 after buying an additional 1,273 shares during the period. Bank of Montreal Can raised its stake in shares of Northern Trust Corporation by 49.1% in the first quarter. Bank of Montreal Can now owns 1,043,696 shares of the asset manager’s stock worth $90,365,000 after buying an additional 343,687 shares during the period. Parametrica Management Ltd acquired a new stake in shares of Northern Trust Corporation during the first quarter worth about $567,000. Finally, Reilly Financial Advisors LLC raised its stake in shares of Northern Trust Corporation by 3.5% in the first quarter. Reilly Financial Advisors LLC now owns 110,632 shares of the asset manager’s stock worth $9,579,000 after buying an additional 3,713 shares during the period. Institutional investors own 83.48% of the company’s stock.

Shares of Northern Trust Corporation (NASDAQ:NTRS) opened at 88.79 on Wednesday. The company’s 50 day moving average is $93.46 and its 200-day moving average is $89.08. The stock has a market capitalization of $20.29 billion, a price-to-earnings ratio of 20.16 and a beta of 0.92. Northern Trust Corporation has a 1-year low of $66.40 and a 1-year high of $99.30.

Northern Trust Corporation (NASDAQ:NTRS) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $1.33 billion. Northern Trust Corporation had a net margin of 20.21% and a return on equity of 12.08%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Equities analysts anticipate that Northern Trust Corporation will post $4.72 earnings per share for the current fiscal year.

Northern Trust Corporation announced that its board has initiated a stock repurchase program on Wednesday, June 28th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the asset manager to repurchase up to 3.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be issued a dividend of $0.42 per share. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Wednesday, August 30th. Northern Trust Corporation’s dividend payout ratio (DPR) is presently 34.55%.

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NTRS has been the topic of a number of recent research reports. Jefferies Group LLC upgraded shares of Northern Trust Corporation from a “hold” rating to a “buy” rating and boosted their price target for the stock from $90.00 to $102.00 in a research note on Tuesday, April 11th. Deutsche Bank AG reiterated a “hold” rating and set a $96.00 price target (up from $93.00) on shares of Northern Trust Corporation in a research note on Saturday, April 29th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 price target on shares of Northern Trust Corporation in a research note on Friday, May 5th. Royal Bank Of Canada reiterated a “buy” rating and set a $97.00 price target on shares of Northern Trust Corporation in a research note on Wednesday, May 10th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $98.00 price target (up from $61.32) on shares of Northern Trust Corporation in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $94.50.

In other Northern Trust Corporation news, EVP Susan Gillian Pembleton sold 9,793 shares of Northern Trust Corporation stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $88.29, for a total transaction of $864,623.97. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman William L. Morrison sold 25,000 shares of Northern Trust Corporation stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,974 shares of company stock worth $17,103,543. Company insiders own 1.27% of the company’s stock.

Northern Trust Corporation Company Profile

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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Institutional Ownership by Quarter for Northern Trust Corporation (NASDAQ:NTRS)

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