Oppenheimer Asset Management Inc. Reduces Stock Holdings in Northern Trust Corporation $NTRS

Oppenheimer Asset Management Inc. trimmed its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 2.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 148,036 shares of the asset manager’s stock after selling 4,426 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Northern Trust were worth $20,220,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Triumph Capital Management acquired a new stake in Northern Trust during the 3rd quarter worth about $25,000. Board of the Pension Protection Fund acquired a new stake in Northern Trust during the 4th quarter worth about $27,000. Olistico Wealth LLC acquired a new stake in Northern Trust during the 4th quarter worth about $41,000. True Wealth Design LLC lifted its position in Northern Trust by 98.7% during the 4th quarter. True Wealth Design LLC now owns 314 shares of the asset manager’s stock worth $43,000 after acquiring an additional 156 shares during the period. Finally, Torren Management LLC acquired a new stake in Northern Trust during the 4th quarter worth about $46,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Northern Trust

In other news, insider Guy Gibson sold 3,009 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $142.39, for a total value of $428,451.51. Following the completion of the sale, the insider directly owned 29,332 shares in the company, valued at $4,176,583.48. This represents a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David W. Fox, Jr. sold 19,987 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer owned 18,588 shares of the company’s stock, valued at $3,088,582.08. This trade represents a 51.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 32,705 shares of company stock worth $5,211,464 in the last quarter. Corporate insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wells Fargo & Company lifted their price target on Northern Trust from $150.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. BMO Capital Markets raised Northern Trust from a “market perform” rating to an “outperform” rating and set a $168.00 price objective for the company in a report on Monday, April 6th. Truist Financial lifted their price target on Northern Trust from $155.00 to $176.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. The Goldman Sachs Group lifted their price target on Northern Trust from $151.00 to $169.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Finally, Citigroup began coverage on Northern Trust in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $163.55.

Northern Trust Price Performance

Shares of Northern Trust stock opened at $166.34 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.62 and a debt-to-equity ratio of 0.51. Northern Trust Corporation has a twelve month low of $93.42 and a twelve month high of $173.18. The business has a 50-day moving average price of $147.24 and a 200 day moving average price of $140.83. The firm has a market cap of $30.83 billion, a PE ratio of 17.42, a P/E/G ratio of 1.19 and a beta of 1.23.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 EPS for the quarter, topping the consensus estimate of $2.37 by $0.34. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the business earned $1.90 EPS. Northern Trust’s quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts predict that Northern Trust Corporation will post 10.63 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

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

About Northern Trust

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.