First Citizens Bank & Trust Co. trimmed its holdings in shares of Northern Trust Co. (NASDAQ:NTRS) by 9.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,000 shares of the asset manager’s stock after selling 1,838 shares during the period. First Citizens Bank & Trust Co.’s holdings in Northern Trust were worth $1,680,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Litman Gregory Asset Management LLC purchased a new stake in Northern Trust during the 2nd quarter worth $25,000. Trust Co. of Vermont boosted its position in Northern Trust by 750.0% during the 2nd quarter. Trust Co. of Vermont now owns 340 shares of the asset manager’s stock worth $31,000 after purchasing an additional 300 shares during the period. Kavar Capital Partners LLC purchased a new stake in Northern Trust during the 2nd quarter worth $32,000. Oakworth Capital Inc. purchased a new position in Northern Trust in the 2nd quarter valued at about $34,000. Finally, Smith Asset Management Group LP boosted its position in Northern Trust by 90.0% in the 2nd quarter. Smith Asset Management Group LP now owns 380 shares of the asset manager’s stock valued at $34,000 after buying an additional 180 shares during the last quarter. 80.36% of the stock is owned by hedge funds and other institutional investors.
NTRS has been the subject of a number of analyst reports. Buckingham Research decreased their price objective on shares of Northern Trust from $118.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 4th. JPMorgan Chase & Co. decreased their price objective on shares of Northern Trust from $101.50 to $98.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Deutsche Bank decreased their price objective on shares of Northern Trust from $91.00 to $87.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. ValuEngine cut shares of Northern Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, BidaskClub raised shares of Northern Trust from a “sell” rating to a “hold” rating in a research report on Tuesday. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $100.99.
Northern Trust (NASDAQ:NTRS) last issued its earnings results on Wednesday, July 24th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.07. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Northern Trust had a net margin of 22.20% and a return on equity of 15.74%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.68 EPS. As a group, equities analysts expect that Northern Trust Co. will post 6.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, September 12th. This is a positive change from Northern Trust’s previous quarterly dividend of $0.60. Northern Trust’s dividend payout ratio is 41.60%.
In other news, EVP Thomas A. South sold 1,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $98.54, for a total value of $98,540.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Robert P. Browne sold 31,595 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $99.47, for a total transaction of $3,142,754.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,411 shares of company stock worth $9,682,259. Company insiders own 1.15% of the company’s stock.
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, Corporate & Institutional Services (C&IS) and Wealth Management.
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