Westpac Banking Corp Sells 15,404 Shares of Northern Trust Co. (NASDAQ:NTRS)

Westpac Banking Corp lessened its holdings in Northern Trust Co. (NASDAQ:NTRS) by 97.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 363 shares of the asset manager’s stock after selling 15,404 shares during the quarter. Westpac Banking Corp’s holdings in Northern Trust were worth $27,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Spire Wealth Management grew its stake in Northern Trust by 91.6% in the 1st quarter. Spire Wealth Management now owns 297 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 142 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Northern Trust during the 1st quarter worth $30,000. Belpointe Asset Management LLC grew its stake in shares of Northern Trust by 84.5% during the 1st quarter. Belpointe Asset Management LLC now owns 393 shares of the asset manager’s stock worth $35,000 after acquiring an additional 180 shares during the period. Clear Street Markets LLC grew its stake in shares of Northern Trust by 93.4% during the 1st quarter. Clear Street Markets LLC now owns 408 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares during the period. Finally, Covestor Ltd grew its stake in shares of Northern Trust by 64.8% during the 1st quarter. Covestor Ltd now owns 496 shares of the asset manager’s stock worth $58,000 after acquiring an additional 195 shares during the period. Institutional investors own 81.64% of the company’s stock.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $75.85 on Tuesday. The business’s 50-day moving average price is $68.96 and its two-hundred day moving average price is $72.98. Northern Trust Co. has a twelve month low of $62.44 and a twelve month high of $100.25. The stock has a market cap of $15.70 billion, a P/E ratio of 14.39 and a beta of 1.09. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.62.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, October 18th. The asset manager reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.01). The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Northern Trust had a net margin of 10.44% and a return on equity of 13.06%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.80 earnings per share. As a group, equities analysts predict that Northern Trust Co. will post 6.07 EPS for the current fiscal year.

Northern Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.96%. Northern Trust’s dividend payout ratio is 56.93%.

Insider Activity at Northern Trust

In other news, CEO Michael O’grady acquired 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The shares were bought at an average cost of $65.10 per share, with a total value of $1,302,000.00. Following the acquisition, the chief executive officer now owns 219,779 shares in the company, valued at approximately $14,307,612.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael O’grady purchased 20,000 shares of Northern Trust stock in a transaction that occurred on Monday, October 23rd. The shares were acquired at an average cost of $65.10 per share, for a total transaction of $1,302,000.00. Following the transaction, the chief executive officer now directly owns 219,779 shares in the company, valued at $14,307,612.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Susan Cohen Levy purchased 5,000 shares of Northern Trust stock in a transaction that occurred on Tuesday, October 24th. The shares were bought at an average price of $64.41 per share, for a total transaction of $322,050.00. Following the completion of the transaction, the executive vice president now owns 31,085 shares in the company, valued at $2,002,184.85. The disclosure for this purchase can be found here. In the last three months, insiders have bought 26,356 shares of company stock valued at $1,711,872. Corporate insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NTRS. Royal Bank of Canada cut their price target on Northern Trust from $85.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday, September 19th. Evercore ISI cut their price target on Northern Trust from $75.00 to $73.00 and set an “in-line” rating for the company in a research note on Thursday, October 19th. Bank of America initiated coverage on Northern Trust in a report on Tuesday, October 10th. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on Northern Trust from $69.00 to $67.00 in a report on Wednesday, October 11th. Finally, Morgan Stanley dropped their price objective on Northern Trust from $82.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, November 2nd. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $78.55.

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.