Canvas Wealth Advisors LLC Sells 4,694 Shares of Northern Trust Corporation $NTRS

Canvas Wealth Advisors LLC lessened its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 47.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,136 shares of the asset manager’s stock after selling 4,694 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Northern Trust were worth $667,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Welch Group LLC raised its position in Northern Trust by 2.8% during the second quarter. Welch Group LLC now owns 3,153 shares of the asset manager’s stock valued at $400,000 after acquiring an additional 87 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Northern Trust by 9.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,062 shares of the asset manager’s stock valued at $135,000 after acquiring an additional 88 shares in the last quarter. Harbour Investments Inc. raised its position in Northern Trust by 10.0% during the second quarter. Harbour Investments Inc. now owns 1,032 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 94 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Northern Trust by 0.4% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,798 shares of the asset manager’s stock valued at $2,764,000 after purchasing an additional 95 shares during the period. Finally, OLD National Bancorp IN raised its position in shares of Northern Trust by 1.3% in the second quarter. OLD National Bancorp IN now owns 7,140 shares of the asset manager’s stock valued at $905,000 after purchasing an additional 95 shares during the period. Institutional investors own 83.19% of the company’s stock.

Insiders Place Their Bets

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the purchase, the director directly owned 2,525 shares of the company’s stock, valued at approximately $319,008.50. This represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.77% of the stock is owned by corporate insiders.

Northern Trust Trading Up 0.2%

Shares of Northern Trust stock opened at $124.82 on Monday. The company’s fifty day simple moving average is $129.58 and its 200-day simple moving average is $116.89. The company has a market cap of $23.87 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.39 and a beta of 1.31. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 1 year low of $81.62 and a 1 year high of $135.48.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.05. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. Northern Trust’s quarterly revenue was down 26.4% on a year-over-year basis. During the same quarter last year, the company posted $4.34 earnings per share. As a group, sell-side analysts expect that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were paid a dividend of $0.80 per share. This is an increase from Northern Trust’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, September 5th. Northern Trust’s dividend payout ratio is presently 37.60%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NTRS. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Wall Street Zen raised shares of Northern Trust from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Truist Financial lifted their price target on shares of Northern Trust from $132.00 to $142.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Barclays lifted their price target on shares of Northern Trust from $128.00 to $136.00 and gave the company an “equal weight” rating in a research report on Thursday, July 24th. Finally, The Goldman Sachs Group set a $135.00 price target on shares of Northern Trust in a research report on Tuesday, September 30th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Northern Trust currently has an average rating of “Hold” and an average price target of $128.23.

Northern Trust Profile

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.