Allspring Global Investments Holdings LLC Acquires 5,265 Shares of Northern Trust Corporation $NTRS

Allspring Global Investments Holdings LLC boosted its stake in shares of Northern Trust Corporation (NASDAQ:NTRS) by 54.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,985 shares of the asset manager’s stock after buying an additional 5,265 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Northern Trust were worth $2,119,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Independent Financial Group LLC acquired a new position in Northern Trust during the first quarter worth $406,000. Wealthfront Advisers LLC boosted its stake in shares of Northern Trust by 9.8% during the 1st quarter. Wealthfront Advisers LLC now owns 18,678 shares of the asset manager’s stock worth $2,607,000 after buying an additional 1,671 shares during the last quarter. Twin Capital Management Inc. grew its holdings in shares of Northern Trust by 2.9% in the 1st quarter. Twin Capital Management Inc. now owns 22,847 shares of the asset manager’s stock valued at $3,189,000 after acquiring an additional 636 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Northern Trust by 4.3% in the 1st quarter. Bank of New York Mellon Corp now owns 2,036,137 shares of the asset manager’s stock valued at $284,184,000 after acquiring an additional 83,117 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in shares of Northern Trust by 27.3% in the first quarter. Illinois Municipal Retirement Fund now owns 175,937 shares of the asset manager’s stock valued at $24,556,000 after acquiring an additional 37,758 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on NTRS. Weiss Ratings raised Northern Trust from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Royal Bank Of Canada cut Northern Trust from an “outperform” rating to a “sector perform” rating and set a $178.00 price objective on the stock. in a research note on Wednesday. Evercore set a $179.00 price objective on Northern Trust in a report on Monday, July 6th. The Goldman Sachs Group raised their target price on shares of Northern Trust from $151.00 to $169.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Finally, Barclays boosted their target price on shares of Northern Trust from $176.00 to $189.00 and gave the stock an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $180.25.

Northern Trust Trading Up 1.4%

NTRS stock opened at $180.52 on Friday. Northern Trust Corporation has a one year low of $121.12 and a one year high of $191.60. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 1.13 and a beta of 1.25. The company has a fifty day moving average price of $174.80 and a two-hundred day moving average price of $157.87. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.65 and a quick ratio of 0.62.

Northern Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.88 per share. This is a boost from Northern Trust’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Northern Trust’s payout ratio is 27.47%.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz purchased 225 shares of Northern Trust stock in a transaction that occurred on Friday, May 1st. The shares were acquired at an average price of $166.41 per share, with a total value of $37,442.25. Following the completion of the transaction, the director directly owned 8,145 shares of the company’s stock, valued at $1,355,409.45. This represents a 2.84% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David W. Fox, Jr. sold 19,987 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total transaction of $3,321,039.92. Following the completion of the transaction, the chief financial officer directly owned 18,588 shares in the company, valued at approximately $3,088,582.08. This represents a 51.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.66% of the stock is currently owned by insiders.

Northern Trust Profile

Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.