Kornitzer Capital Management Inc. KS Sells 684 Shares of Northern Trust Corporation $NTRS

Kornitzer Capital Management Inc. KS lessened its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) by 1.7% in the 2nd quarter, Holdings Channel reports. The firm owned 40,757 shares of the asset manager’s stock after selling 684 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Northern Trust were worth $5,168,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NTRS. FNY Investment Advisers LLC bought a new position in shares of Northern Trust during the 2nd quarter valued at about $25,000. Zions Bancorporation National Association UT bought a new position in shares of Northern Trust during the 1st quarter valued at about $29,000. Wayfinding Financial LLC bought a new position in shares of Northern Trust during the 1st quarter valued at about $35,000. GFG Capital LLC bought a new position in shares of Northern Trust during the 2nd quarter valued at about $35,000. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of Northern Trust by 68.4% during the 2nd quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial dropped their price objective on shares of Northern Trust from $142.00 to $139.00 and set a “hold” rating for the company in a report on Thursday. Keefe, Bruyette & Woods increased their price objective on shares of Northern Trust from $123.00 to $125.00 and gave the company an “underperform” rating in a report on Thursday. Barclays upped their target price 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. Evercore ISI upped their target price on shares of Northern Trust from $125.00 to $135.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Finally, Zacks Research cut shares of Northern Trust from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $130.71.

Insiders Place Their Bets

In other news, Director Robert Edward Jr. Moritz acquired 256 shares of Northern Trust stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average cost of $126.34 per share, with a total value of $32,343.04. Following the transaction, the director directly owned 2,525 shares of the company’s stock, valued at $319,008.50. This trade represents a 11.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.77% of the stock is owned by company insiders.

Northern Trust Stock Performance

Northern Trust stock opened at $126.03 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.70 and a quick ratio of 0.72. Northern Trust Corporation has a 1-year low of $81.62 and a 1-year high of $135.48. The firm has a market capitalization of $24.10 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.41 and a beta of 1.31. The company’s 50-day moving average is $129.59 and its 200 day moving average is $118.12.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Northern Trust had a net margin of 11.99% and a return on equity of 14.37%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the prior year, the company posted $2.22 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. Research analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Friday, December 5th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, December 5th. Northern Trust’s dividend payout ratio is 37.30%.

About Northern Trust

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.