BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 14,359 Shares of Northern Trust Co. (NASDAQ:NTRS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Northern Trust Co. (NASDAQ:NTRS) by 58.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,078 shares of the asset manager’s stock after purchasing an additional 14,359 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Northern Trust were worth $3,282,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Marshall Wace LLP lifted its stake in Northern Trust by 34.2% in the second quarter. Marshall Wace LLP now owns 133,032 shares of the asset manager’s stock valued at $11,172,000 after purchasing an additional 33,875 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Northern Trust by 4.1% during the second quarter. Bank of Montreal Can now owns 210,363 shares of the asset manager’s stock worth $17,670,000 after acquiring an additional 8,307 shares in the last quarter. Evergreen Capital Management LLC lifted its position in shares of Northern Trust by 8.2% during the second quarter. Evergreen Capital Management LLC now owns 5,025 shares of the asset manager’s stock worth $426,000 after acquiring an additional 380 shares in the last quarter. Magnetar Financial LLC bought a new position in shares of Northern Trust in the second quarter worth $3,666,000. Finally, Public Sector Pension Investment Board grew its position in shares of Northern Trust by 6.8% in the second quarter. Public Sector Pension Investment Board now owns 34,791 shares of the asset manager’s stock valued at $2,922,000 after purchasing an additional 2,201 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Northern Trust Stock Performance

Shares of NASDAQ:NTRS opened at $90.07 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average price of $87.79 and a 200-day moving average price of $85.50. The company has a market cap of $18.16 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 1.53 and a beta of 1.08. Northern Trust Co. has a 12 month low of $62.44 and a 12 month high of $92.82.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings results on Wednesday, July 17th. The asset manager reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.03. Northern Trust had a return on equity of 12.24% and a net margin of 10.53%. The business had revenue of $2.72 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the company posted $1.79 EPS. Northern Trust’s quarterly revenue was up 53.8% compared to the same quarter last year. As a group, equities analysts anticipate that Northern Trust Co. will post 7.01 EPS for the current year.

Northern Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a $0.75 dividend. The ex-dividend date is Friday, September 6th. This represents a $3.00 annualized dividend and a yield of 3.33%. Northern Trust’s dividend payout ratio (DPR) is presently 66.23%.

Insider Transactions at Northern Trust

In related news, Director Charles A. Tribbett sold 1,855 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $88.12, for a total transaction of $163,462.60. Following the transaction, the director now owns 1,000 shares in the company, valued at $88,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Teresa Parker sold 5,883 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $84.06, for a total value of $494,524.98. Following the completion of the transaction, the executive vice president now directly owns 83,765 shares in the company, valued at approximately $7,041,285.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles A. Tribbett sold 1,855 shares of Northern Trust stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $88.12, for a total transaction of $163,462.60. Following the transaction, the director now directly owns 1,000 shares of the company’s stock, valued at $88,120. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,738 shares of company stock valued at $1,191,388. Company insiders own 0.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NTRS. Deutsche Bank Aktiengesellschaft increased their price objective on Northern Trust from $84.00 to $94.00 and gave the stock a “hold” rating in a report on Monday, September 23rd. The Goldman Sachs Group cut shares of Northern Trust from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $84.00 to $82.00 in a research note on Thursday. Keefe, Bruyette & Woods cut their price target on shares of Northern Trust from $92.00 to $85.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Morgan Stanley reduced their target price on Northern Trust from $97.00 to $93.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their target price on Northern Trust from $86.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Northern Trust currently has a consensus rating of “Hold” and an average price target of $89.42.

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.