Park Avenue Securities LLC Purchases 198 Shares of Northern Trust Co. (NASDAQ:NTRS)

Park Avenue Securities LLC raised its holdings in shares of Northern Trust Co. (NASDAQ:NTRS) by 9.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,262 shares of the asset manager’s stock after buying an additional 198 shares during the quarter. Park Avenue Securities LLC’s holdings in Northern Trust were worth $223,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Northern Trust in the 4th quarter valued at about $83,550,000. Royal Bank of Canada increased its position in Northern Trust by 60.2% during the 4th quarter. Royal Bank of Canada now owns 1,497,484 shares of the asset manager’s stock valued at $153,493,000 after buying an additional 562,976 shares in the last quarter. Cerity Partners LLC boosted its stake in Northern Trust by 451.9% during the 4th quarter. Cerity Partners LLC now owns 555,631 shares of the asset manager’s stock valued at $56,866,000 after purchasing an additional 454,956 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Northern Trust in the 4th quarter worth $46,197,000. Finally, GAMMA Investing LLC lifted its position in Northern Trust by 10,340.5% during the first quarter. GAMMA Investing LLC now owns 445,602 shares of the asset manager’s stock valued at $43,959,000 after purchasing an additional 441,334 shares in the last quarter. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Stock Up 2.9%

NTRS stock opened at $110.91 on Tuesday. The company’s 50 day simple moving average is $100.27 and its 200-day simple moving average is $103.13. The firm has a market capitalization of $21.58 billion, a PE ratio of 11.34, a P/E/G ratio of 1.72 and a beta of 1.22. Northern Trust Co. has a 12 month low of $80.45 and a 12 month high of $114.67. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.68 and a quick ratio of 0.71.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Tuesday, April 22nd. The asset manager reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. Northern Trust had a net margin of 12.77% and a return on equity of 13.74%. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.95 billion. Equities analysts expect that Northern Trust Co. will post 8.27 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, June 6th. Northern Trust’s dividend payout ratio is currently 27.99%.

Analyst Ratings Changes

Several brokerages have recently issued reports on NTRS. Truist Financial reduced their target price on Northern Trust from $98.00 to $92.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Evercore ISI reduced their price objective on Northern Trust from $104.00 to $100.00 and set an “in-line” rating on the stock in a research note on Wednesday, April 23rd. Citigroup reduced their price objective on Northern Trust from $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Wall Street Zen cut Northern Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Royal Bank of Canada reduced their price objective on Northern Trust from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $108.42.

Insiders Place Their Bets

In other Northern Trust news, EVP Clive Bellows sold 3,300 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $99.95, for a total value of $329,835.00. Following the completion of the transaction, the executive vice president now owns 28,736 shares in the company, valued at approximately $2,872,163.20. This represents a 10.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Teresa Parker sold 6,467 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $100.62, for a total transaction of $650,709.54. Following the completion of the transaction, the insider now owns 79,391 shares of the company’s stock, valued at $7,988,322.42. This trade represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,772 shares of company stock valued at $981,069 in the last ninety days. 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.