Primecap Management Co. CA Trims Stock Holdings in Northern Trust Corporation $NTRS

Primecap Management Co. CA lowered its stake in Northern Trust Corporation (NASDAQ:NTRS) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,541,367 shares of the asset manager’s stock after selling 252,390 shares during the quarter. Primecap Management Co. CA owned about 3.99% of Northern Trust worth $1,015,068,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Northern Trust by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 22,593,674 shares of the asset manager’s stock valued at $2,864,652,000 after acquiring an additional 188,472 shares during the period. Geode Capital Management LLC increased its holdings in Northern Trust by 3.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,196,659 shares of the asset manager’s stock valued at $656,229,000 after purchasing an additional 184,726 shares during the last quarter. Invesco Ltd. raised its position in Northern Trust by 1.7% in the second quarter. Invesco Ltd. now owns 3,501,628 shares of the asset manager’s stock valued at $443,971,000 after purchasing an additional 58,029 shares during the period. JPMorgan Chase & Co. raised its position in Northern Trust by 1.2% in the second quarter. JPMorgan Chase & Co. now owns 2,692,597 shares of the asset manager’s stock valued at $341,399,000 after purchasing an additional 33,227 shares during the period. Finally, Norges Bank acquired a new position in Northern Trust during the second quarter worth $276,087,000. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NTRS. Royal Bank Of Canada boosted their price objective on Northern Trust from $139.00 to $159.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Barclays lifted their target price on Northern Trust from $136.00 to $160.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Northern Trust in a research report on Thursday, January 22nd. Wells Fargo & Company lifted their price objective on shares of Northern Trust from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. Finally, Truist Financial set a $148.00 target price on shares of Northern Trust in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $148.75.

Northern Trust Price Performance

Northern Trust stock opened at $145.74 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $145.13 and a 200-day simple moving average of $135.20. The stock has a market cap of $27.56 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.13 and a beta of 1.27. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $157.60.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results on Friday, January 30th. The asset manager reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.05. Northern Trust had a return on equity of 14.87% and a net margin of 12.15%.The company had revenue of $3.15 billion during the quarter. During the same period last year, the firm earned $2.26 earnings per share. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Equities analysts expect that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $3.20 dividend on an annualized basis and a yield of 2.2%. Northern Trust’s dividend payout ratio (DPR) is presently 36.61%.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, COO Peter Cherecwich sold 25,000 shares of the company’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $149.62, for a total value of $3,740,500.00. Following the completion of the transaction, the chief operating officer owned 26,259 shares in the company, valued at $3,928,871.58. This represents a 48.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert Edward Jr. Moritz acquired 245 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were purchased at an average cost of $151.85 per share, for a total transaction of $37,203.25. Following the acquisition, the director owned 6,931 shares of the company’s stock, valued at approximately $1,052,472.35. The trade was a 3.66% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 27,191 shares of company stock worth $4,061,028. 0.77% of the stock is owned by insiders.

Northern Trust Company 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.