Harbour Trust & Investment Management Co Lowers Stake in Northern Trust Corporation $NTRS

Harbour Trust & Investment Management Co lessened its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,964 shares of the asset manager’s stock after selling 125 shares during the period. Harbour Trust & Investment Management Co’s holdings in Northern Trust were worth $376,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in NTRS. Park Avenue Securities LLC increased its position in shares of Northern Trust by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 2,262 shares of the asset manager’s stock valued at $223,000 after acquiring an additional 198 shares during the period. GAMMA Investing LLC grew its position in Northern Trust by 5.8% during the 1st quarter. GAMMA Investing LLC now owns 4,517 shares of the asset manager’s stock worth $446,000 after purchasing an additional 249 shares during the period. SG Americas Securities LLC grew its position in Northern Trust by 18.5% during the 1st quarter. SG Americas Securities LLC now owns 5,353 shares of the asset manager’s stock worth $528,000 after purchasing an additional 836 shares during the period. Assenagon Asset Management S.A. grew its position in Northern Trust by 598.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 27,506 shares of the asset manager’s stock worth $2,713,000 after purchasing an additional 23,567 shares during the period. Finally, CX Institutional acquired a new stake in shares of Northern Trust during the 1st quarter valued at about $96,000. 83.19% of the stock is owned by institutional investors and hedge funds.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $127.03 on Tuesday. The company has a fifty day simple moving average of $129.45 and a two-hundred day simple moving average of $116.04. The company has a market cap of $24.29 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.40 and a beta of 1.31. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 52 week low of $81.62 and a 52 week high of $135.48.

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

Northern Trust Increases Dividend

The firm also recently declared 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 dividend yield of 2.5%. This is a positive change from Northern Trust’s previous quarterly dividend of $0.75. The ex-dividend date was Friday, September 5th. Northern Trust’s payout ratio is presently 37.60%.

Analyst Ratings Changes

NTRS has been the topic of a number of research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northern Trust in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a report on Thursday, July 24th. Zacks Research downgraded shares of Northern Trust from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Wells Fargo & Company raised their price target on Northern Trust from $120.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Friday, October 3rd. Finally, Evercore ISI increased their target price on Northern Trust from $125.00 to $135.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $128.23.

Insider Activity at Northern Trust

In other news, Director Robert Edward Jr. Moritz bought 256 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $126.34 per share, for a total transaction of $32,343.04. Following the completion of the purchase, the director owned 2,525 shares in the company, valued at approximately $319,008.50. This trade represents a 11.28% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.77% of the stock is currently 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, 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.