Garland Capital Management Inc. Trims Stake in Northern Trust Corporation $NTRS

Garland Capital Management Inc. reduced its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 75.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,555 shares of the asset manager’s stock after selling 25,735 shares during the period. Northern Trust makes up 3.4% of Garland Capital Management Inc.’s portfolio, making the stock its 13th biggest holding. Garland Capital Management Inc.’s holdings in Northern Trust were worth $1,085,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new position in shares of Northern Trust during the 2nd quarter valued at $25,000. GFG Capital LLC purchased a new position in shares of Northern Trust during the 2nd quarter valued at $35,000. Zions Bancorporation National Association UT purchased a new position in shares of Northern Trust during the 1st quarter valued at $29,000. Harbor Investment Advisory LLC grew its position 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 in the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Northern Trust during the 1st quarter valued at $35,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NTRS has been the subject of several research reports. TD Cowen upped their target price on shares of Northern Trust from $152.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup upped their target price on shares of Northern Trust from $110.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. BMO Capital Markets initiated coverage on shares of Northern Trust in a research report on Friday, October 3rd. They issued a “market perform” rating and a $142.00 target price for the company. The Goldman Sachs Group set a $135.00 target price on shares of Northern Trust in a research report on Tuesday, September 30th. Finally, Evercore ISI upped their target price on shares of Northern Trust from $125.00 to $135.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Northern Trust presently has a consensus rating of “Hold” and a consensus target price of $130.71.

Northern Trust Stock Performance

NASDAQ NTRS opened at $126.03 on Monday. The company has a 50-day simple moving average of $129.59 and a two-hundred day simple moving average of $118.29. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $135.48. The firm has a market cap of $24.10 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 1.36 and a beta of 1.31.

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

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Friday, December 5th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, December 5th. Northern Trust’s dividend payout ratio is presently 37.30%.

Insider Transactions at Northern Trust

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

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.