Veritas Investment Management LLP trimmed its stake in shares of Northern Trust Co. (NASDAQ:NTRS) by 8.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,000 shares of the asset manager’s stock after selling 1,300 shares during the quarter. Northern Trust makes up about 0.1% of Veritas Investment Management LLP’s portfolio, making the stock its 17th largest holding. Veritas Investment Management LLP’s holdings in Northern Trust were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Northern Trust by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,002,337 shares of the asset manager’s stock valued at $83,784,000 after acquiring an additional 65,272 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Northern Trust by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 2,953,900 shares of the asset manager’s stock valued at $246,501,000 after acquiring an additional 174,874 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Northern Trust in the first quarter valued at $290,000. Raymond James Trust N.A. boosted its holdings in Northern Trust by 15.3% in the first quarter. Raymond James Trust N.A. now owns 4,076 shares of the asset manager’s stock valued at $368,000 after acquiring an additional 541 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Northern Trust in the first quarter valued at $110,000. Institutional investors and hedge funds own 81.36% of the company’s stock.
Shares of NASDAQ NTRS traded up $1.67 during midday trading on Monday, reaching $88.67. 30,814 shares of the company’s stock were exchanged, compared to its average volume of 1,241,998. Northern Trust Co. has a 52-week low of $75.96 and a 52-week high of $109.72. The stock has a market capitalization of $18.37 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.64 and a current ratio of 0.64. The business’s fifty day moving average price is $92.33 and its two-hundred day moving average price is $91.98.
Northern Trust (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 24th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.07. Northern Trust had a return on equity of 15.74% and a net margin of 22.20%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the company earned $1.68 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts predict that Northern Trust Co. will post 6.6 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. This is a positive change from Northern Trust’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, September 12th. Northern Trust’s payout ratio is presently 35.66%.
NTRS has been the topic of a number of recent research reports. Citigroup cut Northern Trust from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $94.00 to $85.00 in a research note on Friday, July 12th. Morgan Stanley set a $89.00 price objective on Northern Trust and gave the stock a “sell” rating in a research note on Friday, August 9th. Wells Fargo & Co boosted their price objective on Northern Trust from $124.00 to $131.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. They noted that the move was a valuation call. BidaskClub cut Northern Trust from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. Finally, Zacks Investment Research cut Northern Trust from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $105.78.
In related news, EVP Robert P. Browne sold 12,156 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $86.88, for a total value of $1,056,113.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Biff Bowman sold 46,204 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $92.81, for a total value of $4,288,193.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,567 shares of company stock worth $10,639,832. Corporate insiders own 1.15% of the company’s stock.
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, Corporate & Institutional Services (C&IS) and Wealth Management.
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