Connor Clark & Lunn Investment Management Ltd. Makes New $15.51 Million Investment in Northern Trust Corporation $NTRS

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Northern Trust Corporation (NASDAQ:NTRS) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 89,232 shares of the asset manager’s stock, valued at approximately $15,512,000.

Other institutional investors have also modified their holdings of the company. Reflection Asset Management purchased a new position in shares of Northern Trust during the fourth quarter valued at approximately $25,000. Triumph Capital Management purchased a new stake in Northern Trust in the 3rd quarter worth approximately $25,000. Basecamp Wealth Advisors LLC grew its stake in Northern Trust by 99.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 203 shares of the asset manager’s stock worth $28,000 after acquiring an additional 101 shares during the period. Keating Financial Advisory Services Inc. acquired a new position in Northern Trust in the 2nd quarter valued at $31,000. Finally, Elyxium Wealth LLC acquired a new position in Northern Trust in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 83.19% of the company’s stock.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $186.82 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43. The company has a market cap of $34.18 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.05 and a beta of 1.25. Northern Trust Corporation has a fifty-two week low of $121.12 and a fifty-two week high of $195.78. The firm’s 50 day moving average is $182.03 and its two-hundred day moving average is $163.87.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results 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. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The company had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same quarter last year, the business earned $2.13 EPS. Northern Trust’s revenue for the quarter was up 35.1% on a year-over-year basis. Analysts expect that Northern Trust Corporation will post 11.59 EPS for the current year.

Northern Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.88 dividend. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.9%. Northern Trust’s dividend payout ratio is 27.47%.

Insiders Place Their Bets

In other news, Director Robert Edward Jr. Moritz purchased 255 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was bought at an average cost of $179.57 per share, for a total transaction of $45,790.35. Following the completion of the purchase, the director directly owned 8,400 shares of the company’s stock, valued at $1,508,388. The trade was a 3.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas A. South sold 1,800 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.90, for a total value of $332,820.00. Following the sale, the executive vice president owned 92,917 shares of the company’s stock, valued at $17,180,353.30. This represents a 1.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Royal Bank Of Canada cut Northern Trust from an “outperform” rating to a “sector perform” rating and set a $178.00 price objective on the stock. in a report on Wednesday, July 22nd. Evercore set a $179.00 target price on Northern Trust in a research note on Monday, July 6th. Citigroup increased their target price on Northern Trust from $162.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. UBS Group set a $186.00 price target on Northern Trust in a research note on Friday, June 26th. Finally, Truist Financial raised their price target on Northern Trust from $176.00 to $186.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Northern Trust currently has an average rating of “Hold” and an average target price of $180.68.

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.