Primecap Management Co. CA Acquires Shares of 6,100,742 Northern Trust Corporation $NTRS

Primecap Management Co. CA acquired a new stake in Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, Holdings Channel.com reports. The firm acquired 6,100,742 shares of the asset manager’s stock, valued at approximately $1,060,553,000.

Several other institutional investors have also modified their holdings of NTRS. BlackRock Inc. acquired a new position in shares of Northern Trust during the second quarter worth $2,523,781,000. Bank of New York Mellon Corp purchased a new position in Northern Trust in the second quarter valued at $361,079,000. Norges Bank acquired a new stake in shares of Northern Trust during the 4th quarter worth about $257,410,000. Legal & General Group Plc acquired a new stake in Northern Trust during the second quarter worth approximately $207,054,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Northern Trust during the fourth quarter worth approximately $126,794,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz bought 255 shares of Northern Trust stock in a transaction dated Wednesday, July 29th. The stock was acquired at an average cost of $179.57 per share, with a total value of $45,790.35. Following the completion of the acquisition, the director owned 8,400 shares of the company’s stock, valued at approximately $1,508,388. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas A. South sold 1,800 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.90, for a total transaction of $332,820.00. Following the sale, the executive vice president owned 92,917 shares of the company’s stock, valued at $17,180,353.30. This trade represents a 1.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.66% of the company’s stock.

Northern Trust Price Performance

NTRS stock opened at $186.82 on Wednesday. The company has a market capitalization of $34.18 billion, a P/E ratio of 16.04, a PEG ratio of 1.05 and a beta of 1.25. Northern Trust Corporation has a twelve month low of $121.12 and a twelve month high of $195.78. The business has a 50 day simple moving average of $182.03 and a 200-day simple moving average of $163.87. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.43.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $1.52. The business had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.69 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period last year, the firm posted $2.13 earnings per share. As a group, equities analysts anticipate that Northern Trust Corporation will post 11.59 EPS for the current year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be paid a dividend of $0.88 per share. The ex-dividend date is Friday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.9%. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. Northern Trust’s dividend payout ratio (DPR) is currently 27.47%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NTRS. UBS Group set a $186.00 target price on shares of Northern Trust in a report on Friday, June 26th. Morgan Stanley lifted their price target on shares of Northern Trust from $170.00 to $173.00 and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. Truist Financial boosted their price target on shares of Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Royal Bank Of Canada downgraded shares of Northern Trust from an “outperform” rating to a “sector perform” rating and set a $178.00 price objective for the company. in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northern Trust in a report on Friday, July 31st. One 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Northern Trust currently has a consensus rating of “Hold” and a consensus target price of $180.68.

Northern Trust Profile

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.