Ironwood Investment Counsel LLC Buys New Shares in Northern Trust Corporation $NTRS

Ironwood Investment Counsel LLC bought a new stake in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 1,607 shares of the asset manager’s stock, valued at approximately $204,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. grew its holdings in Northern Trust by 19.3% during the first quarter. Invesco Ltd. now owns 3,443,599 shares of the asset manager’s stock worth $339,711,000 after buying an additional 558,287 shares in the last quarter. RNC Capital Management LLC purchased a new stake in Northern Trust in the 1st quarter worth about $41,905,000. Nuveen LLC purchased a new stake in shares of Northern Trust during the 1st quarter valued at approximately $41,834,000. Allianz Asset Management GmbH grew its position in shares of Northern Trust by 529.4% in the first quarter. Allianz Asset Management GmbH now owns 461,383 shares of the asset manager’s stock valued at $45,515,000 after purchasing an additional 388,081 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Northern Trust in the second quarter valued at approximately $44,186,000. Institutional investors own 83.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Northern Trust from $110.00 to $131.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Wolfe Research upgraded Northern Trust from an “underperform” rating to a “peer perform” rating in a research report on Thursday, July 24th. Citigroup lifted their price target on Northern Trust from $110.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Truist Financial dropped their price objective on Northern Trust from $142.00 to $139.00 and set a “hold” rating for the company in a research note on Thursday, October 23rd. Finally, The Goldman Sachs Group set a $135.00 target price on shares of Northern Trust in a research note on Tuesday, September 30th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $132.46.

Northern Trust Stock Up 1.6%

Shares of NASDAQ NTRS opened at $132.40 on Thursday. The firm has a fifty day simple moving average of $129.27 and a two-hundred day simple moving average of $121.84. Northern Trust Corporation has a 12 month low of $81.62 and a 12 month high of $135.48. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $25.04 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.37 and a beta of 1.32.

Northern Trust (NASDAQ:NTRS) last announced 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 company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the previous year, the company earned $2.22 earnings per share. Northern Trust’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts expect that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Friday, December 5th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, December 5th. Northern Trust’s dividend payout ratio (DPR) is presently 37.30%.

Insider Activity at Northern Trust

In other news, EVP Susan Cohen Levy sold 27,591 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $128.13, for a total transaction of $3,535,234.83. Following the sale, the executive vice president owned 48,257 shares in the company, valued at approximately $6,183,169.41. The trade was a 36.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Edward Jr. Moritz bought 3,891 shares of Northern Trust stock in a transaction dated Tuesday, November 4th. The stock was acquired at an average cost of $128.57 per share, for a total transaction of $500,265.87. Following the completion of the transaction, the director directly owned 6,686 shares in the company, valued at approximately $859,619.02. This trade represents a 139.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.77% of the company’s stock.

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.