Hudson Bay Capital Management LP Purchases Shares of 100,498 Northern Trust Corporation $NTRS

Hudson Bay Capital Management LP acquired a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the 2nd quarter, HoldingsChannel reports. The fund acquired 100,498 shares of the asset manager’s stock, valued at approximately $12,742,000.

Other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. raised its position in Northern Trust by 84.8% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,567 shares of the asset manager’s stock worth $199,000 after buying an additional 719 shares during the last quarter. First Pacific Financial acquired a new position in shares of Northern Trust during the second quarter worth about $3,118,000. Aviva PLC increased its stake in shares of Northern Trust by 8.4% during the second quarter. Aviva PLC now owns 149,911 shares of the asset manager’s stock worth $19,007,000 after acquiring an additional 11,587 shares during the period. Hsbc Holdings PLC raised its holdings in Northern Trust by 11.5% during the first quarter. Hsbc Holdings PLC now owns 455,239 shares of the asset manager’s stock worth $44,668,000 after purchasing an additional 46,877 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Northern Trust by 5.3% in the second quarter. Bank of New York Mellon Corp now owns 1,907,408 shares of the asset manager’s stock valued at $241,840,000 after purchasing an additional 96,592 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Northern Trust Stock Down 1.1%

Northern Trust stock opened at $138.52 on Monday. Northern Trust Corporation has a fifty-two week low of $81.62 and a fifty-two week high of $140.75. The firm has a market capitalization of $26.20 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.27. The stock’s fifty day moving average is $129.37 and its two-hundred day moving average is $126.38. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.70 and a current ratio of 0.70.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $2.29 EPS for the quarter, topping the consensus estimate of $2.26 by $0.03. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.02 billion. Northern Trust had a net margin of 11.99% and a return on equity of 14.37%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.22 EPS. Analysts predict that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Friday, December 5th will be given a $0.80 dividend. The ex-dividend date is Friday, December 5th. This represents a $3.20 annualized dividend and a dividend yield of 2.3%. Northern Trust’s dividend payout ratio is currently 37.30%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NTRS. Zacks Research downgraded Northern Trust from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. TD Cowen upped their price objective on Northern Trust from $152.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. BMO Capital Markets began coverage on Northern Trust in a research report on Friday, October 3rd. They issued a “market perform” rating and a $142.00 price objective for the company. Morgan Stanley boosted their target price on shares of Northern Trust from $110.00 to $131.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Finally, Wall Street Zen downgraded shares of Northern Trust from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $132.46.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz acquired 3,891 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was acquired at an average cost of $128.57 per share, with a total value of $500,265.87. Following the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider John Landers sold 766 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $124.35, for a total value of $95,252.10. Following the completion of the sale, the insider directly owned 7,313 shares in the company, valued at approximately $909,371.55. The trade was a 9.48% decrease in their position. The SEC filing for this sale provides additional information. Corporate 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.