Maltese Capital Management LLC Sells 80,000 Shares of Northern Trust Co. (NTRS)
Maltese Capital Management LLC trimmed its position in shares of Northern Trust Co. (NASDAQ:NTRS) by 69.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,000 shares of the asset manager’s stock after selling 80,000 shares during the period. Maltese Capital Management LLC’s holdings in Northern Trust were worth $3,601,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NTRS. WBI Investments Inc. bought a new position in Northern Trust during the 2nd quarter valued at $10,886,000. Private Advisor Group LLC bought a new position in Northern Trust during the 2nd quarter valued at $304,000. GSA Capital Partners LLP boosted its stake in Northern Trust by 72.2% during the 2nd quarter. GSA Capital Partners LLP now owns 16,501 shares of the asset manager’s stock valued at $1,698,000 after acquiring an additional 6,917 shares during the last quarter. Ausdal Financial Partners Inc. bought a new position in Northern Trust during the 2nd quarter valued at $221,000. Finally, Mission Wealth Management LP boosted its stake in Northern Trust by 43.3% during the 2nd quarter. Mission Wealth Management LP now owns 3,029 shares of the asset manager’s stock valued at $312,000 after acquiring an additional 915 shares during the last quarter. 79.02% of the stock is owned by institutional investors and hedge funds.
Northern Trust stock opened at $107.55 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.66 and a current ratio of 0.66. Northern Trust Co. has a 1 year low of $85.69 and a 1 year high of $115.61. The stock has a market capitalization of $24.32 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 1.27 and a beta of 0.97.
Northern Trust announced that its board has authorized a share buyback program on Tuesday, July 17th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the asset manager to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be given a $0.55 dividend. This is an increase from Northern Trust’s previous quarterly dividend of $0.42. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Thursday, September 13th. Northern Trust’s dividend payout ratio (DPR) is presently 34.78%.
In related news, Vice Chairman William L. Morrison sold 13,886 shares of the stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $110.87, for a total value of $1,539,540.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Biff Bowman sold 21,352 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $111.11, for a total transaction of $2,372,420.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,636 shares of company stock worth $8,488,828. Insiders own 1.04% of the company’s stock.
A number of research firms have commented on NTRS. Zacks Investment Research downgraded shares of Northern Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, June 19th. BidaskClub downgraded shares of Northern Trust from a “hold” rating to a “sell” rating in a research note on Friday, June 1st. Morgan Stanley increased their price objective on shares of Northern Trust from $110.00 to $117.00 and gave the company a “$108.44” rating in a research note on Thursday, July 19th. Citigroup increased their price objective on shares of 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 shares of Northern Trust and gave the stock a “hold” rating in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $115.06.
Northern Trust Profile
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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