SummitTX Capital L.P. Takes Position in Northern Trust Corporation $NTRS

SummitTX Capital L.P. purchased a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,444 shares of the asset manager’s stock, valued at approximately $481,000.

Other hedge funds have also recently modified their holdings of the company. Reflection Asset Management acquired a new position in Northern Trust in the 4th quarter valued at $25,000. Triumph Capital Management acquired a new stake in shares of Northern Trust in the 3rd quarter worth $25,000. Elyxium Wealth LLC purchased a new stake in shares of Northern Trust in the fourth quarter valued at about $34,000. International Assets Investment Management LLC acquired a new position in shares of Northern Trust during the fourth quarter worth about $35,000. Finally, Transamerica Financial Advisors LLC increased its stake in shares of Northern Trust by 54.1% during the fourth quarter. Transamerica Financial Advisors LLC now owns 265 shares of the asset manager’s stock worth $36,000 after acquiring an additional 93 shares during the period. 83.19% of the stock is owned by institutional investors and hedge funds.

Northern Trust Stock Down 0.2%

NTRS stock opened at $182.19 on Friday. The company’s 50 day simple moving average is $176.30 and its 200-day simple moving average is $159.17. The firm has a market capitalization of $33.71 billion, a PE ratio of 15.64, a P/E/G ratio of 1.03 and a beta of 1.25. Northern Trust Corporation has a 12 month low of $121.12 and a 12 month high of $191.60. 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 business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. Northern Trust’s dividend payout ratio is currently 27.47%.

Wall Street Analysts Forecast Growth

NTRS has been the subject of several recent analyst reports. Barclays raised their price target on Northern Trust from $176.00 to $189.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. UBS Group set a $186.00 price objective on Northern Trust in a research report on Friday, June 26th. Wells Fargo & Company raised their target price on Northern Trust from $189.00 to $194.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Citigroup boosted their target price on shares of Northern Trust from $162.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Finally, BMO Capital Markets raised shares of Northern Trust from a “market perform” rating to an “outperform” rating and set a $168.00 price target on the stock in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $180.25.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz bought 255 shares of the stock in a transaction on Wednesday, July 29th. The shares were purchased at an average price of $179.57 per share, for a total transaction of $45,790.35. Following the acquisition, the director owned 8,400 shares in the company, valued at $1,508,388. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.66% of the company’s stock.

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.