Envestnet Asset Management Inc. Boosts Stake in Northern Trust Corporation (NASDAQ:NTRS)

Envestnet Asset Management Inc. raised its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 73.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 177,308 shares of the asset manager’s stock after purchasing an additional 75,185 shares during the period. Envestnet Asset Management Inc. owned 0.09% of Northern Trust worth $17,491,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Northern Trust in the 4th quarter valued at about $83,550,000. Bank of New York Mellon Corp boosted its holdings in Northern Trust by 47.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,810,816 shares of the asset manager’s stock valued at $178,637,000 after acquiring an additional 585,992 shares during the period. Royal Bank of Canada grew its stake in shares of Northern Trust by 60.2% in the fourth quarter. Royal Bank of Canada now owns 1,497,484 shares of the asset manager’s stock worth $153,493,000 after acquiring an additional 562,976 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Northern Trust by 451.9% during the 4th quarter. Cerity Partners LLC now owns 555,631 shares of the asset manager’s stock worth $56,866,000 after purchasing an additional 454,956 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Northern Trust during the 4th quarter worth $46,197,000. 83.19% of the stock is owned by institutional investors and hedge funds.

Northern Trust Stock Performance

Northern Trust stock opened at $127.06 on Friday. The business has a 50 day moving average of $114.63 and a 200-day moving average of $106.03. Northern Trust Corporation has a 1 year low of $80.81 and a 1 year high of $133.00. The company has a market capitalization of $24.72 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.85 and a beta of 1.26. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.71 and a quick ratio of 0.71.

Northern Trust (NASDAQ:NTRS) last issued its earnings results on Tuesday, April 22nd. The asset manager reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. Northern Trust had a return on equity of 13.73% and a net margin of 13.93%. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.95 billion. On average, equities research analysts predict that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, June 6th. This represents a $3.00 annualized dividend and a dividend yield of 2.36%. Northern Trust’s payout ratio is 27.99%.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, insider Teresa Parker sold 6,467 shares of Northern Trust stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $100.62, for a total value of $650,709.54. Following the transaction, the insider directly owned 79,391 shares of the company’s stock, valued at $7,988,322.42. The trade was a 7.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Clive Bellows sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $99.95, for a total value of $329,835.00. Following the transaction, the executive vice president directly owned 28,736 shares in the company, valued at $2,872,163.20. This trade represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,772 shares of company stock valued at $981,069 in the last quarter. 0.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NTRS shares. Truist Financial boosted their price target on shares of Northern Trust from $116.00 to $126.00 and gave the stock a “hold” rating in a research note on Thursday, July 3rd. The Goldman Sachs Group raised their target price on shares of Northern Trust from $89.00 to $101.00 and gave the company a “sell” rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered shares of Northern Trust from a “market perform” rating to an “underperform” rating and raised their price objective for the stock from $103.00 to $120.00 in a report on Friday, July 11th. Evercore ISI lifted their price target on shares of Northern Trust from $108.00 to $121.00 and gave the company an “in-line” rating in a report on Wednesday, July 2nd. Finally, Royal Bank Of Canada set a $123.00 price target on shares of Northern Trust and gave the stock an “outperform” rating in a research report on Monday, June 30th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Northern Trust currently has a consensus rating of “Hold” and an average price target of $114.50.

About Northern Trust

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.