Truist Financial Corp Reduces Stake in Northern Trust Corporation $NTRS

Truist Financial Corp trimmed its position in Northern Trust Corporation (NASDAQ:NTRS) by 11.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,491 shares of the asset manager’s stock after selling 1,562 shares during the quarter. Truist Financial Corp’s holdings in Northern Trust were worth $1,584,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Park Avenue Securities LLC lifted its stake in Northern Trust by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 2,262 shares of the asset manager’s stock worth $223,000 after purchasing an additional 198 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Northern Trust by 5.8% in the first quarter. GAMMA Investing LLC now owns 4,517 shares of the asset manager’s stock worth $446,000 after buying an additional 249 shares in the last quarter. SG Americas Securities LLC boosted its stake in Northern Trust by 18.5% during the first quarter. SG Americas Securities LLC now owns 5,353 shares of the asset manager’s stock valued at $528,000 after buying an additional 836 shares during the period. Assenagon Asset Management S.A. grew its position in Northern Trust by 598.3% during the first quarter. Assenagon Asset Management S.A. now owns 27,506 shares of the asset manager’s stock worth $2,713,000 after buying an additional 23,567 shares in the last quarter. Finally, CX Institutional bought a new position in Northern Trust in the 1st quarter worth about $96,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Wall Street Analysts Forecast Growth

NTRS has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Morgan Stanley lifted their target price on shares of Northern Trust from $110.00 to $131.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Evercore ISI boosted their price target on shares of Northern Trust from $125.00 to $135.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Royal Bank Of Canada set a $123.00 price objective on shares of Northern Trust and gave the company an “outperform” rating in a research report on Monday, June 30th. Finally, Wells Fargo & Company upped their target price on shares of Northern Trust from $120.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Friday, October 3rd. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Northern Trust currently has a consensus rating of “Hold” and an average target price of $128.23.

Insider Transactions at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz acquired 256 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $126.34 per share, for a total transaction of $32,343.04. Following the transaction, the director owned 2,525 shares in the company, valued at $319,008.50. This represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.77% of the stock is currently owned by corporate insiders.

Northern Trust Stock Down 4.1%

Shares of Northern Trust stock opened at $124.72 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $135.48. The stock has a market capitalization of $23.85 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.40 and a beta of 1.31. The company’s 50 day moving average price is $129.46 and its 200-day moving average price is $115.72.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.05. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The firm’s revenue for the quarter was down 26.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.34 EPS. Equities research analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 5th were issued a dividend of $0.80 per share. The ex-dividend date was Friday, September 5th. This represents a $3.20 dividend on an annualized basis and a yield of 2.6%. This is a boost from Northern Trust’s previous quarterly dividend of $0.75. Northern Trust’s dividend payout ratio (DPR) is presently 37.60%.

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.