King Luther Capital Management Corp reduced its stake in shares of Northern Trust Co. (NASDAQ:NTRS) by 12.1% in the 3rd quarter, Holdings Channel reports. The firm owned 72,338 shares of the asset manager’s stock after selling 10,000 shares during the quarter. King Luther Capital Management Corp’s holdings in Northern Trust were worth $7,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently added to or reduced their stakes in NTRS. Vulcan Value Partners LLC raised its stake in Northern Trust by 56.6% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,522,199 shares of the asset manager’s stock valued at $259,509,000 after purchasing an additional 911,176 shares during the last quarter. BlackRock Inc. raised its stake in Northern Trust by 2.8% during the 3rd quarter. BlackRock Inc. now owns 13,842,776 shares of the asset manager’s stock valued at $1,413,762,000 after purchasing an additional 378,260 shares during the last quarter. Wells Fargo & Company MN raised its stake in Northern Trust by 8.7% during the 3rd quarter. Wells Fargo & Company MN now owns 2,596,225 shares of the asset manager’s stock valued at $265,152,000 after purchasing an additional 207,745 shares during the last quarter. Morgan Stanley raised its stake in Northern Trust by 29.0% during the 2nd quarter. Morgan Stanley now owns 911,274 shares of the asset manager’s stock valued at $93,762,000 after purchasing an additional 205,050 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Northern Trust during the 2nd quarter valued at $20,728,000. Hedge funds and other institutional investors own 79.12% of the company’s stock.
Several equities analysts recently commented on NTRS shares. Deutsche Bank cut their target price on shares of Northern Trust from $116.00 to $115.00 and set a “hold” rating for the company in a research note on Thursday, October 11th. BidaskClub cut shares of Northern Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 29th. Zacks Investment Research cut shares of Northern Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Buckingham Research cut their target price on shares of Northern Trust from $119.00 to $114.00 and set a “neutral” rating for the company in a research note on Thursday, October 18th. Finally, Credit Suisse Group upped their target price on shares of Northern Trust from $112.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, August 10th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $117.94.
Shares of NTRS stock opened at $90.94 on Friday. Northern Trust Co. has a 52-week low of $87.98 and a 52-week high of $115.61. The firm has a market capitalization of $20.89 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.21 and a beta of 0.97. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.36.
Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data 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 business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the company posted $1.20 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts forecast that Northern Trust Co. will post 6.59 earnings per share for the current year.
The firm also recently disclosed 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 2.42%. The ex-dividend date is Thursday, December 13th. Northern Trust’s dividend payout ratio is 45.55%.
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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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