Envestnet Asset Management Inc. Sells 36,375 Shares of Northern Trust Co. (NASDAQ:NTRS)

Envestnet Asset Management Inc. lessened its holdings in Northern Trust Co. (NASDAQ:NTRS) by 28.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 90,359 shares of the asset manager’s stock after selling 36,375 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Northern Trust were worth $6,699,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Spire Wealth Management boosted its stake in shares of Northern Trust by 91.6% in the 1st quarter. Spire Wealth Management now owns 297 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 142 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Northern Trust in the 1st quarter valued at about $30,000. Belpointe Asset Management LLC boosted its stake in shares of Northern Trust by 84.5% in the 1st quarter. Belpointe Asset Management LLC now owns 393 shares of the asset manager’s stock valued at $35,000 after purchasing an additional 180 shares during the last quarter. Clear Street Markets LLC boosted its stake in shares of Northern Trust by 93.4% in the 1st quarter. Clear Street Markets LLC now owns 408 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 197 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Northern Trust in the 2nd quarter valued at about $51,000. Institutional investors own 81.64% of the company’s stock.

Northern Trust Stock Performance

Shares of NTRS stock opened at $75.38 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.68 and a current ratio of 0.68. Northern Trust Co. has a 52 week low of $62.44 and a 52 week high of $100.25. The company has a market capitalization of $15.61 billion, a P/E ratio of 14.30 and a beta of 1.09. The company’s 50 day moving average price is $68.99 and its two-hundred day moving average price is $72.97.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, October 18th. The asset manager reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.01). Northern Trust had a net margin of 10.44% and a return on equity of 13.06%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the business earned $1.80 earnings per share. Northern Trust’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, analysts expect that Northern Trust Co. will post 6.07 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 8th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.98%. Northern Trust’s dividend payout ratio (DPR) is presently 56.93%.

Insider Activity

In other Northern Trust news, CEO Michael O’grady acquired 20,000 shares of the stock in a transaction dated Monday, October 23rd. The shares were bought at an average cost of $65.10 per share, for a total transaction of $1,302,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 219,779 shares of the company’s stock, valued at $14,307,612.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Michael O’grady bought 20,000 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were acquired at an average cost of $65.10 per share, for a total transaction of $1,302,000.00. Following the completion of the acquisition, the chief executive officer now owns 219,779 shares in the company, valued at $14,307,612.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Susan Cohen Levy bought 5,000 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were purchased at an average price of $64.41 per share, for a total transaction of $322,050.00. Following the completion of the acquisition, the executive vice president now owns 31,085 shares of the company’s stock, valued at approximately $2,002,184.85. The disclosure for this purchase can be found here. Insiders have acquired 26,356 shares of company stock worth $1,711,872 over the last ninety days. Insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Northern Trust from $82.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 2nd. Evercore ISI reduced their price objective on shares of Northern Trust from $75.00 to $73.00 and set an “in-line” rating on the stock in a research note on Thursday, October 19th. Bank of America assumed coverage on shares of Northern Trust in a research note on Tuesday, October 10th. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Northern Trust from $69.00 to $67.00 in a research note on Wednesday, October 11th. Finally, StockNews.com raised shares of Northern Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 4th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.55.

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.