Korea Investment CORP Makes New Investment in Northern Trust Corporation $NTRS

Korea Investment CORP purchased a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 92,456 shares of the asset manager’s stock, valued at approximately $16,073,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NTRS. Concurrent Investment Advisors LLC acquired a new stake in shares of Northern Trust in the 4th quarter worth approximately $1,959,000. Northwestern Mutual Wealth Management Co. boosted its position in Northern Trust by 1,838.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 180,034 shares of the asset manager’s stock worth $22,793,000 after purchasing an additional 170,745 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Northern Trust by 5.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,894,755 shares of the asset manager’s stock valued at $395,395,000 after purchasing an additional 161,826 shares during the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Northern Trust in the fourth quarter valued at $67,126,000. Finally, Strs Ohio increased its position in shares of Northern Trust by 83.0% in the fourth quarter. Strs Ohio now owns 136,403 shares of the asset manager’s stock valued at $18,631,000 after buying an additional 61,858 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, Director Robert Edward Jr. Moritz purchased 255 shares of Northern Trust stock in a transaction on Wednesday, July 29th. The shares were bought at an average price of $179.57 per share, with a total value of $45,790.35. Following the purchase, the director directly owned 8,400 shares in the company, valued at $1,508,388. This trade represents a 3.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NTRS shares. JPMorgan Chase & Co. boosted their price objective on shares of Northern Trust from $179.50 to $185.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Morgan Stanley lifted their target price on shares of Northern Trust from $170.00 to $173.00 and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Bank of America increased their price target on shares of Northern Trust from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Truist Financial raised their price objective on shares of Northern Trust from $176.00 to $186.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. Finally, Citigroup lifted their price objective on Northern Trust from $162.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Northern Trust presently has an average rating of “Hold” and a consensus price target of $180.68.

Northern Trust Price Performance

Northern Trust stock opened at $183.90 on Monday. The stock has a market capitalization of $33.65 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.04 and a beta of 1.25. Northern Trust Corporation has a 12-month low of $121.12 and a 12-month high of $195.78. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.65 and a quick ratio of 0.65. The firm’s 50-day moving average is $181.52 and its two-hundred day moving average is $163.35.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $1.52. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.69 billion. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company’s revenue was up 35.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.13 earnings per share. Equities analysts predict that Northern Trust Corporation will post 11.59 earnings per share for the current year.

Northern Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.88 dividend. This is a boost from Northern Trust’s previous quarterly dividend of $0.80. The ex-dividend date is Friday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.9%. Northern Trust’s payout ratio is presently 27.47%.

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.