Strategy Asset Managers LLC Acquires New Stake in Northern Trust Corporation (NTRS)
Strategy Asset Managers LLC acquired a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,489 shares of the asset manager’s stock, valued at approximately $2,343,000.
A number of other institutional investors have also added to or reduced their stakes in the stock. Toronto Dominion Bank grew its position in Northern Trust Corporation by 11.0% in the third quarter. Toronto Dominion Bank now owns 81,627 shares of the asset manager’s stock valued at $7,502,000 after purchasing an additional 8,120 shares in the last quarter. New York State Common Retirement Fund grew its position in Northern Trust Corporation by 2.3% in the third quarter. New York State Common Retirement Fund now owns 469,000 shares of the asset manager’s stock valued at $43,115,000 after purchasing an additional 10,700 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in Northern Trust Corporation by 68.5% in the third quarter. BNP Paribas Arbitrage SA now owns 137,039 shares of the asset manager’s stock valued at $12,598,000 after purchasing an additional 55,703 shares in the last quarter. Global X MANAGEMENT CO LLC grew its position in Northern Trust Corporation by 10.3% in the third quarter. Global X MANAGEMENT CO LLC now owns 5,965 shares of the asset manager’s stock valued at $548,000 after purchasing an additional 556 shares in the last quarter. Finally, Alps Advisors Inc. grew its position in Northern Trust Corporation by 15.2% in the third quarter. Alps Advisors Inc. now owns 4,414 shares of the asset manager’s stock valued at $406,000 after purchasing an additional 583 shares in the last quarter. 82.00% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on NTRS. BidaskClub raised shares of Northern Trust Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research downgraded shares of Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Wells Fargo & Company began coverage on shares of Northern Trust Corporation in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $90.00 target price for the company. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $86.00 target price (down previously from $91.00) on shares of Northern Trust Corporation in a research report on Saturday, July 22nd. Finally, Bank of America Corporation decreased their target price on shares of Northern Trust Corporation from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $97.07.
In other news, insider Teresa Parker sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $92.00, for a total transaction of $736,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman William L. Morrison sold 11,058 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $94.34, for a total transaction of $1,043,211.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 338,082 shares of company stock valued at $31,732,330. 1.27% of the stock is currently owned by corporate insiders.
Northern Trust Corporation (NASDAQ:NTRS) traded up $0.35 during midday trading on Monday, hitting $92.51. 852,500 shares of the stock were exchanged, compared to its average volume of 1,160,350. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.37. The firm has a market cap of $21,038.73, a PE ratio of 20.20, a PEG ratio of 2.04 and a beta of 0.96. Northern Trust Corporation has a one year low of $78.06 and a one year high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last posted its earnings results on Wednesday, October 18th. The asset manager reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.08. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Northern Trust Corporation had a net margin of 20.27% and a return on equity of 12.33%. Northern Trust Corporation’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.11 EPS. equities analysts anticipate that Northern Trust Corporation will post 4.68 EPS for the current fiscal year.
Northern Trust Corporation announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 18th that allows the company to repurchase 9,500,000 shares. This repurchase authorization allows the asset manager to buy shares of its stock through open market purchases. Stock repurchase programs are often 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 Monday, January 1st. Stockholders of record on Friday, December 1st will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, November 30th. Northern Trust Corporation’s dividend payout ratio is presently 37.17%.
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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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