Pinnacle Associates Ltd. Takes Position in Northern Trust Corporation $NTRS

Pinnacle Associates Ltd. acquired a new position in Northern Trust Corporation (NASDAQ:NTRS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,112 shares of the asset manager’s stock, valued at approximately $425,000.

Several other institutional investors and hedge funds also recently bought and sold shares of NTRS. PFA Pension Forsikringsaktieselskab bought a new position in shares of Northern Trust in the fourth quarter worth about $67,126,000. Jupiter Asset Management Ltd. bought a new stake in Northern Trust during the 3rd quarter worth approximately $64,863,000. AQR Capital Management LLC lifted its holdings in Northern Trust by 67.1% during the third quarter. AQR Capital Management LLC now owns 1,019,531 shares of the asset manager’s stock valued at $136,750,000 after purchasing an additional 409,434 shares in the last quarter. Barclays PLC boosted its position in shares of Northern Trust by 62.4% in the third quarter. Barclays PLC now owns 1,042,084 shares of the asset manager’s stock worth $140,265,000 after purchasing an additional 400,247 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Northern Trust in the second quarter worth $42,698,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Trust

In other news, CFO David W. Fox, Jr. sold 19,987 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $166.16, for a total value of $3,321,039.92. Following the sale, the chief financial officer directly owned 18,588 shares in the company, valued at $3,088,582.08. The trade was a 51.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Edward Jr. Moritz bought 225 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were acquired at an average price of $166.41 per share, for a total transaction of $37,442.25. Following the completion of the transaction, the director directly owned 8,145 shares in the company, valued at approximately $1,355,409.45. This represents a 2.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders sold 30,514 shares of company stock valued at $4,890,937. Corporate insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Citigroup started coverage on shares of Northern Trust in a report on Monday, February 23rd. They issued a “neutral” rating for the company. The Goldman Sachs Group upped their price objective on Northern Trust from $151.00 to $169.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 22nd. Weiss Ratings raised Northern Trust from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Barclays upped their price target on Northern Trust from $160.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Finally, Evercore lifted their price objective on shares of Northern Trust from $142.00 to $155.00 and gave the company an “in-line” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Northern Trust presently has an average rating of “Hold” and a consensus price target of $164.08.

Northern Trust Price Performance

Shares of Northern Trust stock opened at $165.27 on Tuesday. The firm has a market cap of $30.58 billion, a PE ratio of 17.31, a PEG ratio of 1.17 and a beta of 1.27. The stock has a 50 day moving average of $150.96 and a 200 day moving average of $143.54. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.51. Northern Trust Corporation has a 12 month low of $104.09 and a 12 month high of $173.18.

Northern Trust (NASDAQ:NTRS) last issued its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.34. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 EPS. On average, research analysts expect that Northern Trust Corporation will post 10.68 EPS for the current fiscal year.

Northern Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be given a dividend of $0.80 per share. The ex-dividend date is Friday, June 5th. This represents a $3.20 annualized dividend and a yield of 1.9%. Northern Trust’s dividend payout ratio (DPR) is 33.51%.

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.