Bull Harbor Capital LLC Takes $976,000 Position in Northern Trust Corporation $NTRS

Bull Harbor Capital LLC acquired a new position in Northern Trust Corporation (NASDAQ:NTRS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,993 shares of the asset manager’s stock, valued at approximately $976,000.

A number of other hedge funds have also recently made changes to their positions in NTRS. Norges Bank acquired a new stake in Northern Trust in the 4th quarter valued at approximately $257,410,000. Eurizon Capital SGR S.p.A. acquired a new position in Northern Trust during the fourth quarter worth $126,794,000. AQR Capital Management LLC boosted its position in shares of Northern Trust by 69.0% during the fourth quarter. AQR Capital Management LLC now owns 1,723,516 shares of the asset manager’s stock worth $235,415,000 after buying an additional 703,985 shares during the period. Jupiter Asset Management Ltd. boosted its position in shares of Northern Trust by 114.1% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,031,579 shares of the asset manager’s stock worth $140,903,000 after buying an additional 549,681 shares during the period. Finally, PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Northern Trust in the fourth quarter valued at $67,126,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Insiders Place Their Bets

In related news, Director Robert Edward Jr. Moritz acquired 225 shares of Northern Trust stock in a transaction dated Friday, May 1st. The stock was acquired at an average price of $166.41 per share, for a total transaction of $37,442.25. Following the transaction, the director owned 8,145 shares of the company’s stock, valued at $1,355,409.45. This represents a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.66% of the company’s stock.

Northern Trust Price Performance

Shares of NASDAQ NTRS opened at $177.65 on Thursday. The stock’s 50-day simple moving average is $175.70 and its 200-day simple moving average is $158.75. The firm has a market capitalization of $32.87 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.02 and a beta of 1.25. Northern Trust Corporation has a fifty-two week low of $121.12 and a fifty-two week high of $191.60. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.62 and a current ratio of 0.65.

Northern Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 2.0%. Northern Trust’s dividend payout ratio is 27.47%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Barclays boosted their price objective on Northern Trust from $176.00 to $189.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Zacks Research raised Northern Trust from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Bank of America boosted their price target on shares of Northern Trust from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. BMO Capital Markets raised shares of Northern Trust from a “market perform” rating to an “outperform” rating and set a $168.00 price target on the stock in a research report on Monday, April 6th. Finally, UBS Group set a $186.00 price objective on shares of Northern Trust in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $180.25.

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.