Bank of New York Mellon Corp Grows Holdings in Northern Trust Corporation $NTRS

Bank of New York Mellon Corp lifted its stake in Northern Trust Corporation (NASDAQ:NTRS) by 4.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 2,036,137 shares of the asset manager’s stock after purchasing an additional 83,117 shares during the quarter. Bank of New York Mellon Corp’s holdings in Northern Trust were worth $284,184,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NTRS. State Street Corp raised its position in Northern Trust by 1.0% in the third quarter. State Street Corp now owns 9,493,634 shares of the asset manager’s stock valued at $1,285,236,000 after purchasing an additional 97,584 shares during the period. Invesco Ltd. grew its stake in shares of Northern Trust by 8.7% in the fourth quarter. Invesco Ltd. now owns 3,747,840 shares of the asset manager’s stock valued at $511,917,000 after buying an additional 301,164 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Northern Trust by 5.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager’s stock valued at $395,395,000 after buying an additional 161,826 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Northern Trust by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,419,674 shares of the asset manager’s stock valued at $330,527,000 after buying an additional 41,478 shares during the period. Finally, Norges Bank acquired a new position in Northern Trust during the 4th quarter worth about $257,410,000. Institutional investors and hedge funds own 83.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NTRS shares. Truist Financial raised their target price on Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a report on Friday, June 26th. Zacks Research raised shares of Northern Trust from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Bank of America raised their price objective on shares of Northern Trust from $190.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada lifted their price objective on shares of Northern Trust from $159.00 to $178.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Finally, Barclays upped their target price on shares of Northern Trust from $160.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five 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 MarketBeat, Northern Trust currently has an average rating of “Hold” and a consensus target price of $178.75.

Northern Trust Price Performance

Northern Trust stock opened at $184.68 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $172.99 and a 200-day simple moving average of $156.37. The stock has a market cap of $34.18 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.20 and a beta of 1.25. Northern Trust Corporation has a 12-month low of $118.99 and a 12-month high of $191.60.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.34. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company earned $1.90 earnings per share. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. Equities analysts expect that Northern Trust Corporation will post 11.29 EPS for the current fiscal year.

Northern Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, June 5th. Northern Trust’s dividend payout ratio (DPR) is 33.51%.

Insider Activity

In other news, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total value of $3,321,039.92. Following the completion of the transaction, the chief financial officer owned 18,588 shares in the company, valued at $3,088,582.08. This trade represents a 51.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clive Bellows sold 2,800 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $165.02, for a total transaction of $462,056.00. Following the completion of the sale, the insider owned 28,217 shares of the company’s stock, valued at $4,656,369.34. This trade represents a 9.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,800 shares of company stock valued at $3,785,251 over the last quarter. Corporate 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.