First Citizens Bank & Trust Co. Takes $665,000 Position in Northern Trust Corporation $NTRS

First Citizens Bank & Trust Co. bought a new stake in Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 5,243 shares of the asset manager’s stock, valued at approximately $665,000.

A number of other hedge funds have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its position in shares of Northern Trust by 4.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,850,088 shares of the asset manager’s stock valued at $774,411,000 after buying an additional 363,472 shares during the last quarter. Invesco Ltd. grew its position in shares of Northern Trust by 19.3% in the 1st quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager’s stock valued at $339,711,000 after buying an additional 558,287 shares during the last quarter. American Century Companies Inc. grew its position in shares of Northern Trust by 0.7% in the 1st quarter. American Century Companies Inc. now owns 3,013,123 shares of the asset manager’s stock valued at $297,245,000 after buying an additional 20,010 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Northern Trust by 47.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager’s stock valued at $178,637,000 after buying an additional 585,992 shares during the last quarter. Finally, Confluence Investment Management LLC grew its position in shares of Northern Trust by 6.6% in the 2nd quarter. Confluence Investment Management LLC now owns 1,184,610 shares of the asset manager’s stock valued at $150,197,000 after buying an additional 72,867 shares during the last quarter. 83.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NTRS. Truist Financial decreased their price target on shares of Northern Trust from $142.00 to $139.00 and set a “hold” rating for the company in a research note on Thursday. Cowen reiterated a “buy” rating on shares of Northern Trust in a research note on Thursday. Royal Bank Of Canada set a $123.00 price target on Northern Trust and gave the company an “outperform” rating in a research report on Monday, June 30th. Morgan Stanley increased their price objective on Northern Trust from $110.00 to $131.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Northern Trust in a report on Saturday. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $130.71.

Insider Activity at Northern Trust

In other news, Director Robert Edward Jr. Moritz purchased 256 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the acquisition, the director directly owned 2,525 shares in the company, valued at approximately $319,008.50. The trade was a 11.28% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.77% of the stock is owned by company insiders.

Northern Trust Stock Up 1.0%

NTRS opened at $126.03 on Friday. The business has a 50 day simple moving average of $129.59 and a 200-day simple moving average of $118.12. Northern Trust Corporation has a 12 month low of $81.62 and a 12 month high of $135.48. The stock has a market capitalization of $24.10 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.41 and a beta of 1.31. 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 (NASDAQ:NTRS) last issued its earnings results on Wednesday, October 22nd. The asset manager reported $2.29 EPS for the quarter, topping 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 company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the firm earned $2.22 EPS. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

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

Northern Trust Company 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.