Nordea Investment Management AB trimmed its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 62.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,232 shares of the asset manager’s stock after selling 16,771 shares during the period. Nordea Investment Management AB’s holdings in Northern Trust Corporation were worth $995,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Northern Trust Corporation by 2,771.9% in the 1st quarter. BlackRock Inc. now owns 13,279,770 shares of the asset manager’s stock valued at $1,149,760,000 after purchasing an additional 12,817,363 shares in the last quarter. FMR LLC increased its holdings in Northern Trust Corporation by 38.4% in the 1st quarter. FMR LLC now owns 12,370,754 shares of the asset manager’s stock valued at $1,071,060,000 after purchasing an additional 3,430,332 shares in the last quarter. Primecap Management Co. CA increased its holdings in Northern Trust Corporation by 30.2% in the 1st quarter. Primecap Management Co. CA now owns 2,553,950 shares of the asset manager’s stock valued at $221,121,000 after purchasing an additional 592,550 shares in the last quarter. Vanguard Group Inc. increased its holdings in Northern Trust Corporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 13,891,932 shares of the asset manager’s stock valued at $1,202,764,000 after purchasing an additional 527,025 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Northern Trust Corporation by 59.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 997,276 shares of the asset manager’s stock valued at $86,344,000 after purchasing an additional 371,920 shares in the last quarter. Institutional investors and hedge funds own 81.90% of the company’s stock.
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Northern Trust Corporation (NASDAQ:NTRS) opened at 93.27 on Friday. The stock’s 50 day moving average is $89.59 and its 200 day moving average is $89.97. The company has a market cap of $21.31 billion, a PE ratio of 21.17 and a beta of 0.93. Northern Trust Corporation has a 12 month low of $68.78 and a 12 month high of $99.30.
Northern Trust Corporation (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 19th. The asset manager reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). Northern Trust Corporation had a return on equity of 12.08% and a net margin of 20.21%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts predict that Northern Trust Corporation will post $4.71 earnings per share 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 dividend of $0.42 per share. This is an increase from Northern Trust Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $1.68 annualized dividend and a dividend yield of 1.80%. Northern Trust Corporation’s payout ratio is presently 38.18%.
Northern Trust Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several analysts recently issued reports on the company. Buckingham Research reiterated a “neutral” rating and issued a $103.00 price target (up from $93.00) on shares of Northern Trust Corporation in a report on Monday, July 10th. BidaskClub upgraded Northern Trust Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 5th. Zacks Investment Research upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Wednesday, July 12th. Morgan Stanley reiterated an “underweight” rating and issued a $86.00 price target (up from $80.00) on shares of Northern Trust Corporation in a report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $97.00 price target on shares of Northern Trust Corporation in a report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $96.23.
In other news, EVP Aileen B. Blake sold 7,762 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $88.45, for a total transaction of $686,548.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Teresa Parker sold 11,399 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $87.65, for a total transaction of $999,122.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 165,094 shares of company stock worth $15,021,309. Insiders own 1.27% of the company’s stock.
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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