Veritas Investment Management LLP trimmed its position in shares of Northern Trust Co. (NASDAQ:NTRS) by 8.5% during the second quarter, HoldingsChannel reports. The firm owned 14,000 shares of the asset manager’s stock after selling 1,300 shares during the quarter. Northern Trust comprises 0.1% of Veritas Investment Management LLP’s portfolio, making the stock its 17th largest holding. Veritas Investment Management LLP’s holdings in Northern Trust were worth $1,260,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Litman Gregory Asset Management LLC bought a new position in Northern Trust during the 2nd quarter valued at about $25,000. Resources Investment Advisors Inc. raised its position in Northern Trust by 194.2% during the first quarter. Resources Investment Advisors Inc. now owns 306 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 202 shares in the last quarter. Trust Co. of Vermont raised its position in Northern Trust by 750.0% during the second quarter. Trust Co. of Vermont now owns 340 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 300 shares in the last quarter. Kavar Capital Partners LLC purchased a new position in Northern Trust during the second quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. purchased a new position in Northern Trust during the second quarter valued at approximately $34,000. 81.36% of the stock is currently owned by institutional investors.
NTRS has been the subject of several recent research reports. Citigroup cut Northern Trust from a “neutral” rating to a “sell” rating and reduced their price target for the company from $94.00 to $85.00 in a research report on Friday, July 12th. Deutsche Bank cut their price target on Northern Trust from $93.00 to $91.00 and set a “hold” rating on the stock in a report on Friday, August 9th. BidaskClub downgraded Northern Trust from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Bank of America restated a “neutral” rating and set a $97.00 price target (down previously from $107.00) on shares of Northern Trust in a report on Thursday, June 6th. Finally, Morgan Stanley set a $89.00 price target on Northern Trust and gave the stock a “sell” rating in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. Northern Trust currently has a consensus rating of “Hold” and an average target price of $105.78.
Shares of NTRS traded up $1.67 during mid-day trading on Monday, reaching $88.67. The company’s stock had a trading volume of 30,814 shares, compared to its average volume of 1,241,998. Northern Trust Co. has a 12-month low of $75.96 and a 12-month high of $109.72. The stock has a market cap of $18.37 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.64 and a quick ratio of 0.64. The company’s 50 day moving average is $92.33 and its 200 day moving average is $91.98.
Northern Trust (NASDAQ:NTRS) last released its quarterly earnings data on Wednesday, July 24th. The asset manager reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.07. Northern Trust had a return on equity of 15.74% and a net margin of 22.20%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the business posted $1.68 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Northern Trust Co. will post 6.6 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. This is an increase from Northern Trust’s previous quarterly dividend of $0.60. Northern Trust’s dividend payout ratio is presently 35.66%.
In related news, EVP Robert P. Browne sold 31,595 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $99.47, for a total value of $3,142,754.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Biff Bowman sold 46,204 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $92.81, for a total value of $4,288,193.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,567 shares of company stock worth $10,639,832. Company insiders own 1.15% of the company’s stock.
About Northern Trust
Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Corporate & Institutional Services (C&IS) and Wealth Management.
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