M.D. Sass Investors Services Inc. trimmed its position in shares of Northern Trust Co. (NASDAQ:NTRS) by 9.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,102 shares of the asset manager’s stock after selling 14,398 shares during the quarter. Northern Trust accounts for approximately 2.9% of M.D. Sass Investors Services Inc.’s investment portfolio, making the stock its 16th biggest position. M.D. Sass Investors Services Inc.’s holdings in Northern Trust were worth $12,429,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Litman Gregory Asset Management LLC acquired a new position in shares of Northern Trust in the second quarter valued at approximately $25,000. Resources Investment Advisors Inc. boosted its position in Northern Trust by 194.2% in the 1st quarter. Resources Investment Advisors Inc. now owns 306 shares of the asset manager’s stock valued at $28,000 after buying an additional 202 shares during the period. Trust Co. of Vermont boosted its position in Northern Trust by 750.0% in the 2nd quarter. Trust Co. of Vermont now owns 340 shares of the asset manager’s stock valued at $31,000 after buying an additional 300 shares during the period. Kavar Capital Partners LLC acquired a new position in shares of Northern Trust in the second quarter worth $32,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Northern Trust in the second quarter worth $34,000. 80.88% of the stock is owned by institutional investors.
Shares of NTRS traded up $2.87 during midday trading on Wednesday, reaching $97.34. The stock had a trading volume of 105,958 shares, compared to its average volume of 906,367. The company has a market cap of $20.30 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.66 and a beta of 1.19. The company’s fifty day simple moving average is $90.40 and its two-hundred day simple moving average is $91.58. Northern Trust Co. has a 1-year low of $75.96 and a 1-year high of $107.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.64 and a quick ratio of 0.64.
Northern Trust (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 24th. The asset manager reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.07. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Northern Trust had a net margin of 22.20% and a return on equity of 15.74%. The company’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.68 earnings per share. On average, sell-side analysts forecast that Northern Trust Co. will post 6.59 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.88%. This is an increase from Northern Trust’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, September 12th. Northern Trust’s payout ratio is 35.66%.
Several analysts have recently issued reports on the company. Wells Fargo & Co set a $110.00 price objective on Northern Trust and gave the company a “buy” rating in a research note on Friday, August 16th. BidaskClub lowered Northern Trust from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Morgan Stanley set a $89.00 target price on Northern Trust and gave the stock a “sell” rating in a research note on Friday, August 9th. Citigroup downgraded Northern Trust from a “neutral” rating to a “sell” rating and cut their price target for the stock from $94.00 to $85.00 in a report on Friday, July 12th. Finally, Deutsche Bank reduced their price target on Northern Trust from $91.00 to $87.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $104.00.
In other news, EVP Robert P. Browne sold 31,595 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $99.47, for a total transaction of $3,142,754.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Biff Bowman sold 46,204 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was 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. Insiders have sold a total of 111,567 shares of company stock valued at $10,639,832 over the last ninety days. 1.15% of the stock is owned by company 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, Corporate & Institutional Services (C&IS) and Wealth Management.
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