87,341 Shares in Northern Trust Co. (NTRS) Acquired by Royal London Asset Management Ltd.
Royal London Asset Management Ltd. purchased a new position in shares of Northern Trust Co. (NASDAQ:NTRS) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 87,341 shares of the asset manager’s stock, valued at approximately $8,987,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of NTRS. Glen Harbor Capital Management LLC raised its holdings in Northern Trust by 12.9% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 71,744 shares of the asset manager’s stock worth $7,382,000 after purchasing an additional 8,176 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Northern Trust by 21.1% in the 2nd quarter. Janus Henderson Group PLC now owns 384,354 shares of the asset manager’s stock valued at $39,546,000 after acquiring an additional 66,849 shares during the last quarter. Natixis increased its stake in shares of Northern Trust by 259.0% in the 2nd quarter. Natixis now owns 210,250 shares of the asset manager’s stock valued at $21,633,000 after acquiring an additional 151,678 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Northern Trust by 3.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 390,064 shares of the asset manager’s stock valued at $40,263,000 after acquiring an additional 12,582 shares during the last quarter. Finally, Ausdal Financial Partners Inc. bought a new stake in shares of Northern Trust in the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 77.95% of the company’s stock.
In related news, insider Peter Cherecwich sold 19,761 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $111.35, for a total transaction of $2,200,387.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Biff Bowman sold 21,352 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $111.11, for a total value of $2,372,420.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,636 shares of company stock valued at $8,488,828. 1.04% of the stock is owned by company insiders.
Northern Trust (NASDAQ:NTRS) last posted its earnings results on Wednesday, July 18th. The asset manager reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Northern Trust had a return on equity of 15.02% and a net margin of 22.88%. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the business earned $1.12 EPS. Northern Trust’s revenue for the quarter was up 13.9% compared to the same quarter last year. sell-side analysts expect that Northern Trust Co. will post 6.69 earnings per share for the current year.
Northern Trust declared that its board has authorized a share repurchase program on Tuesday, July 17th that permits the company to buyback 25,000,000 shares. This buyback authorization permits the asset manager to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.09%. This is a boost from Northern Trust’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 13th. Northern Trust’s dividend payout ratio is presently 45.55%.
A number of analysts have recently commented on NTRS shares. Credit Suisse Group upped their price target on Northern Trust from $112.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, August 10th. Deutsche Bank lowered their price target on Northern Trust from $119.00 to $118.00 and set a “hold” rating for the company in a research note on Thursday, August 16th. Vining Sparks reaffirmed a “buy” rating and issued a $130.00 price target on shares of Northern Trust in a research note on Monday, July 23rd. Citigroup upped their price target on Northern Trust from $108.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, July 20th. Finally, Keefe, Bruyette & Woods set a $118.00 price target on Northern Trust and gave the company a “hold” rating in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $115.06.
About Northern Trust
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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