Bank of New York Mellon Corp Trims Position in Northern Trust Co. (NTRS)

Bank of New York Mellon Corp lessened its stake in Northern Trust Co. (NASDAQ:NTRS) by 1.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,881,296 shares of the asset manager’s stock after selling 18,311 shares during the period. Bank of New York Mellon Corp’s holdings in Northern Trust were worth $193,566,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NTRS. Vulcan Value Partners LLC lifted its stake in shares of Northern Trust by 56.6% in the second quarter. Vulcan Value Partners LLC now owns 2,522,199 shares of the asset manager’s stock valued at $259,509,000 after buying an additional 911,176 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Northern Trust by 10.7% in the second quarter. Wells Fargo & Company MN now owns 2,388,480 shares of the asset manager’s stock valued at $245,751,000 after buying an additional 230,226 shares during the period. Morgan Stanley lifted its stake in shares of Northern Trust by 29.0% in the second quarter. Morgan Stanley now owns 911,274 shares of the asset manager’s stock valued at $93,762,000 after buying an additional 205,050 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Northern Trust in the second quarter valued at about $20,728,000. Finally, Glenmede Trust Co. NA lifted its stake in Northern Trust by 40.8% during the second quarter. Glenmede Trust Co. NA now owns 555,391 shares of the asset manager’s stock worth $57,144,000 after purchasing an additional 160,906 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

NASDAQ:NTRS opened at $93.61 on Friday. Northern Trust Co. has a 1 year low of $87.98 and a 1 year high of $115.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.65 and a quick ratio of 0.66. The company has a market capitalization of $20.46 billion, a PE ratio of 19.38, a PEG ratio of 1.18 and a beta of 0.94.

Northern Trust (NASDAQ:NTRS) last posted its earnings results on Wednesday, October 17th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.03). Northern Trust had a net margin of 23.28% and a return on equity of 15.75%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm posted $1.20 EPS. The business’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Northern Trust Co. will post 6.61 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, December 13th. Northern Trust’s dividend payout ratio (DPR) is currently 45.55%.

Northern Trust announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 17th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the asset manager to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

A number of research analysts have commented on the stock. Vining Sparks restated a “buy” rating and set a $130.00 price target on shares of Northern Trust in a research note on Monday, July 23rd. Keefe, Bruyette & Woods set a $118.00 price target on shares of Northern Trust and gave the stock a “hold” rating in a research note on Wednesday, July 18th. Morgan Stanley raised their price target on shares of Northern Trust from $110.00 to $117.00 and gave the stock a “$108.44” rating in a research note on Thursday, July 19th. Citigroup raised their price target on shares of Northern Trust from $108.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, July 20th. Finally, Credit Suisse Group raised their price target on shares of Northern Trust from $112.00 to $114.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $117.00.

In other news, insider Peter Cherecwich sold 19,761 shares of Northern Trust stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $111.35, for a total value of $2,200,387.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jana R. Schreuder sold 9,699 shares of Northern Trust stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $110.00, for a total transaction of $1,066,890.00. The disclosure for this sale can be found here. Insiders sold 50,812 shares of company stock valued at $5,639,698 in the last quarter. 1.04% of the stock is currently owned by corporate insiders.

Northern Trust Company 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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Institutional Ownership by Quarter for Northern Trust (NASDAQ:NTRS)

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