Parsons Capital Management Inc. RI Invests $211,000 in Northern Trust Corporation $NTRS

Parsons Capital Management Inc. RI bought a new stake in Northern Trust Corporation (NASDAQ:NTRS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,667 shares of the asset manager’s stock, valued at approximately $211,000.

A number of other hedge funds have also recently added to or reduced their stakes in NTRS. Continuum Advisory LLC raised its stake in shares of Northern Trust by 5,340.0% during the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager’s stock worth $27,000 after buying an additional 267 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Northern Trust in the first quarter worth $29,000. Harbor Investment Advisory LLC lifted its holdings in Northern Trust by 68.4% in the second quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 130 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Northern Trust during the 1st quarter worth $35,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Northern Trust during the 1st quarter worth $43,000. Institutional investors and hedge funds own 83.19% of the company’s stock.

Analyst Ratings Changes

NTRS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Northern Trust from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Northern Trust in a research note on Saturday, September 27th. Evercore ISI upped their price target on Northern Trust from $125.00 to $135.00 and gave the stock an “in-line” rating in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $118.00 price objective (down from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Finally, Wolfe Research raised Northern Trust from an “underperform” rating to a “peer perform” rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $128.23.

Insider Buying and Selling

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 256 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the acquisition, the director owned 2,525 shares of the company’s stock, 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 SEC, which is available at this link. Insiders own 0.77% of the company’s stock.

Northern Trust Stock Down 0.6%

Shares of NASDAQ:NTRS opened at $132.40 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $25.32 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.58 and a beta of 1.31. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $135.48. The stock’s fifty day simple moving average is $129.46 and its 200-day simple moving average is $114.59.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.05. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the company posted $4.34 EPS. The firm’s revenue for the quarter was down 26.4% on a year-over-year basis. As a group, equities research analysts forecast that Northern Trust Corporation will post 8.27 earnings per share for the current fiscal year.

Northern Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Northern Trust’s previous quarterly dividend of $0.75. Northern Trust’s dividend payout ratio is presently 37.60%.

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.