The Manufacturers Life Insurance Company Invests $16.23 Million in Northern Trust Corporation $NTRS

The Manufacturers Life Insurance Company bought a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 93,338 shares of the asset manager’s stock, valued at approximately $16,226,000. The Manufacturers Life Insurance Company owned about 0.05% of Northern Trust at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NTRS. Empowered Funds LLC boosted its stake in shares of Northern Trust by 13.3% during the 1st quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager’s stock worth $1,984,000 after buying an additional 2,363 shares during the last quarter. Woodline Partners LP increased its position in shares of Northern Trust by 39.1% in the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager’s stock valued at $1,633,000 after acquiring an additional 4,653 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Northern Trust by 79.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager’s stock worth $171,000 after acquiring an additional 596 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Northern Trust during the second quarter worth about $267,000. Finally, Daiwa Securities Group Inc. boosted its position in Northern Trust by 4.6% during the second quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager’s stock valued at $3,714,000 after purchasing an additional 1,275 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

Insider Activity at Northern Trust

In other Northern Trust news, EVP Thomas A. South sold 1,800 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 92,917 shares of the company’s stock, valued at $17,180,353.30. This represents a 1.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Edward Jr. Moritz acquired 255 shares of the stock in a transaction on Wednesday, July 29th. The shares were purchased at an average price of $179.57 per share, for a total transaction of $45,790.35. Following the transaction, the director directly owned 8,400 shares in the company, valued at approximately $1,508,388. This trade represents a 3.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.66% of the company’s stock.

Northern Trust Stock Up 0.3%

Shares of NTRS opened at $186.79 on Friday. The firm has a market cap of $34.18 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 1.05 and a beta of 1.25. 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 Corporation has a 52 week low of $121.12 and a 52 week high of $195.78. The firm’s 50-day simple moving average is $182.86 and its 200 day simple moving average is $164.55.

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

Northern Trust Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Bank of America raised their price target on Northern Trust from $190.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Truist Financial raised 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. UBS Group set a $186.00 target price on Northern Trust in a research note on Friday, June 26th. Wells Fargo & Company boosted their target price on Northern Trust from $189.00 to $194.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods increased their price target on Northern Trust from $157.00 to $175.00 and gave the company an “underperform” rating in a research note on Thursday, July 9th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.