MQS Management LLC Invests $450,000 in Northern Trust Corporation $NTRS

MQS Management LLC purchased a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,224 shares of the asset manager’s stock, valued at approximately $450,000.

Other hedge funds also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its stake in Northern Trust by 16.5% in the first quarter. SJS Investment Consulting Inc. now owns 559 shares of the asset manager’s stock worth $78,000 after purchasing an additional 79 shares during the last quarter. Cornerstone Wealth Group LLC bought a new position in shares of Northern Trust during the first quarter valued at approximately $181,000. Cambient Family Office LLC raised its holdings in shares of Northern Trust by 4.7% in the first quarter. Cambient Family Office LLC now owns 2,608 shares of the asset manager’s stock worth $366,000 after buying an additional 118 shares during the period. OLD National Bancorp IN raised its holdings in shares of Northern Trust by 3.2% in the first quarter. OLD National Bancorp IN now owns 2,663 shares of the asset manager’s stock worth $372,000 after buying an additional 83 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Northern Trust during the 1st quarter worth approximately $1,326,000. 83.19% of the stock is currently owned by institutional investors.

Northern Trust Trading Up 1.0%

NTRS opened at $175.60 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average is $168.66 and its two-hundred day moving average is $152.81. The company has a market capitalization of $32.49 billion, a P/E ratio of 18.39, a PEG ratio of 1.19 and a beta of 1.24. Northern Trust Corporation has a 52 week low of $118.99 and a 52 week high of $178.70.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.34. The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.13 billion. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The business’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.90 EPS. Analysts forecast that Northern Trust Corporation will post 11.21 earnings per share for the current year.

Northern Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Northern Trust’s dividend payout ratio is presently 33.51%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings raised Northern Trust from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Wells Fargo & Company lifted their target price on Northern Trust from $175.00 to $189.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 24th. Morgan Stanley upped their price target on shares of Northern Trust from $157.00 to $170.00 and gave the stock an “underweight” rating in a report on Monday. Citigroup raised their price target on shares of Northern Trust from $162.00 to $172.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Truist Financial lifted their price objective on shares of Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and two 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 a consensus target price of $170.69.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz acquired 225 shares of Northern Trust stock in a transaction that occurred on Friday, May 1st. The stock was bought at an average price of $166.41 per share, with a total value of $37,442.25. Following the completion of the purchase, the director directly owned 8,145 shares of the company’s stock, valued at approximately $1,355,409.45. This represents a 2.84% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clive Bellows sold 2,800 shares of the company’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $165.02, for a total value of $462,056.00. Following the sale, the insider owned 28,217 shares of the company’s stock, valued at approximately $4,656,369.34. This represents a 9.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 22,800 shares of company stock valued at $3,785,251. Company insiders own 0.66% of the company’s stock.

About Northern Trust

Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.